Sahl, a leading Egyptian bill payments company, has secured $6 million in Series A and seed funding rounds. The round was led by Ayady for Investment and Development, with participation from existing investors Egypt Pay, Delta Electronic Systems, and E-Finance.
Founded in 2020, Sahl empowers users to manage their household bills seamlessly through a user-friendly mobile application. The platform facilitates bill payments for various utilities, including electricity, water, and gas, along with telecom top-ups, tuition fees, television subscriptions, and donations. Notably, Sahl boasts a unique feature — Near Field Communication (NFC) technology — allowing users to recharge prepaid electricity meters directly from their homes, eliminating the need for physical visits.
Sahl intends to utilize the fresh capital to refine its existing offerings and introduce new financial services. The company aims to prioritize a user-centric approach, ensuring a frictionless, time-saving, and secure experience. Following a successful regional launch in the United Arab Emirates (UAE), Sahl plans to establish a presence in Saudi Arabia (KSA) and solidify its position as a dominant player within the Egyptian market.
Sahl aspires to become the leading facilitator of digital payment transactions within Egypt’s booming EGP 2.5 trillion digital payments sector. Capturing a significant share of utility company collections, estimated at EGP 250 billion annually, is a key element of this strategy. To achieve this, Sahl plans to forge strategic partnerships that unlock new distribution channels, collaborative technology ventures, and co-marketing opportunities.
One of Sahl’s unique strengths is its direct integration with several Egyptian government entities. This enables users to conveniently access services from various authorities, including the Egyptian Electricity Holding Company (EEHC), the New Urban Communities Authority (NUCA) for water, all major telecom operators, Petrotrade for gas, and Cable Network Egypt for TV subscriptions.
Beyond direct-to-consumer functionalities, Sahl is strategically expanding its reach into the business-to-business (B2B) sector. The “Services Gateway” acts as a central hub, aggregating bill payment services for other payment processors, digital applications, and various enterprises, fostering a more interconnected financial ecosystem. Additionally, the “Acceptance” solution empowers businesses to seamlessly accept online payments, further streamlining financial transactions.
The investment by Ayady for Investment and Development reflects confidence in Sahl’s ability to reshape the bill payment landscape in Egypt. Hazem Kamel, Managing Director of NI Capital and Investment Manager at Ayady, emphasized the company’s potential to enhance financial accessibility and convenience.
Sahl ’s founders boast a proven track record in the financial services and bill payments industry. Abdullah Assal, the CEO, leverages his experience in the utility meter market, while Ahmed Othman, the CPO, brings expertise from investment banking. Ibrahim Assal, the CTO, strengthens Sahl’s technological capabilities with his background at tech giants like Palantir, Careem, and Microsoft. This combined expertise positions Sahl to revolutionize digital payments, particularly within the utilities sector.
Since its inception, Sahl has emerged as a major player in the Egyptian fintech landscape. The company currently serves over 12 million customers monthly and caters to 15 million households nationwide. The user-friendly app facilitates various bill payment options, saving users an estimated 30 minutes per transaction and processing billions of Egyptian pounds through its diverse suite of over 50 services.