Egypt’s micro-lending app Cassbana raises more than $1 million from Distruptech Fund

Egyptian microfinance startup Cassbana announced on Sunday it has raised more than $1 million in a funding round led by Egypt-focused fintech fund Disruptech.

Disruptech is a fintech fund launched in 2020 by Fawry co-founder and former managing director Mohamed Okasha and industry veteran Malek Sultan.

Cassbana said it uses artificial intelligence (AI) to run a behaviour-based credit scoring system, which determines individuals and businesses access to credit.

The company launched its app on a trial basis last June, and hopes to attract 1 million users by the end of 2021, founder and chief executive Haitham Nassar said.