Egypt-based fintech startup, Qardy, has announced the successful closure of a seven-figure pre-seed funding round. The investment, led by White Field Ventures and Vastly Valuable Ventures, with participation from undisclosed angel investors, will be used to expand the company’s digital lending platform and broaden its reach across the Middle East and North Africa (MENA) region.
Founded in 2022 by Abdelaziz Abdel Nabi and Asser Yehia, Qardy operates as a digital marketplace connecting micro, small, and medium-sized enterprises (MSMEs) with financial institutions. The platform aims to streamline the lending process and provide MSMEs with access to much-needed capital to fuel growth.
Since its soft launch in late 2022, Qardy has rapidly gained traction, onboarding over 1,000 corporate clients and facilitating loan transactions worth more than $12 million. The company’s success is attributed to its ability to offer tailored financial solutions, including working capital and expansion financing, through a network of banks, leasing companies, and microfinance institutions.
“We are thrilled to secure this investment from such esteemed investors,” said Abdelaziz Abdel Nabi, co-founder of Qardy. “This funding will enable us to accelerate our growth, enhance our platform, and expand our services to more MSMEs across the region.”
The fresh capital will be invested in technology development, team expansion, and market penetration. Qardy plans to leverage the funds to strengthen its position as a leading digital lending marketplace in Egypt and expand its footprint into other MENA countries.
Vastly Valuable Ventures, one of the lead investors in the round, recently completed a $562,947 fundraising round in July. The firm’s investment in Qardy highlights the growing interest in fintech startups operating in the MENA region.
The focus by Qardy on the MSME lending segment is particularly significant given the critical role these businesses play in driving economic growth and job creation. By providing easier access to finance, Qardy aims to empower MSMEs and contribute to the overall development of the region’s economy.