Egyptian fintech startup Balad has raised a seven-figure USD pre-seed round of funding to launch its remittances platform, build out its team, and obtain required licenses.
Founded in 2022 by Adham Azzam, Sally Asaad and Mohamed Assem, Balad is a remittance-driven financial service provider catering for migrants and their families. The startup offers reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards.
The startup’s pre-seed funding round is led by Egyptian venture capital firm Acasia Ventures, formerly Cairo Angels, and also featured Launch Africa Ventures, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices.
The investment will be used to launch Balad’s remittance platform, develop necessary technology for the platform, hire new team members, obtain required licenses, and complete integrations with its banking partner.
“Acasia Ventures has been an instrumental lead investor for our pre-seed round, as it supported the founders from the start and facilitated our access to other funding partners. We are excited to leverage Acasia Ventures’ expertise, African connections and synergies with its portfolio companies,” Azzam said.
“Balad is led by a seasoned executive team that has demonstrated its ability to bring such a vital product to the market,” Acasia Ventures managing partner Aly El Shalakany said. “Its offering is very unique and distinctive in that it provides remittance receivers with a quick and cheap solution to financial access, broadening the umbrella of financial inclusion across Egypt and the GCC.”