The company aims to bolster its financing portfolio to a substantial $1 billion by the year’s end.

Cartona’s asset-light approach has allowed them to scale rapidly, as evidenced by their annualized gross merchandise volume (GMV) increasing from EGP 2.3 billion ($120 million) in 2022 to EGP 10 billion ($210 million) currently. This scalability is appealing to investors seeking high-growth potential.

Kenya’s high WhatsApp penetration, with 97% of internet users utilizing the platform according to a 2022 survey, has been a catalyst for Sukhiba’s growth.

The funding will be used to solidify Educatly’s presence in key markets across the Middle East and Africa, including Egypt, Saudi Arabia, the United Arab Emirates, Nigeria, Kenya, and Ireland.