Egypt's Qardy Teams Up with Waseela for Innovative Consumer Financing Solutions
In an exciting development for Egypt’s burgeoning fintech landscape, online lending marketplace Qardy has partnered with Waseela, a reputable consumer finance company. This collaboration aims to introduce a digital consumer financing product designed to streamline financial processes for individuals looking to enhance their living spaces.
Founded in July 2022, Qardy quickly established itself as a notable player in the lending arena, particularly for micro, small, and medium enterprises (MSMEs). Its founder, Abdel Aziz Abdel Nabi, envisions Qardy as the “Amazon of lending,” aiming to revolutionize how loans are accessed in Egypt. Traditionally, securing a loan could stretch up to nine months due to cumbersome manual processes and reliance on personal connections—challenges that have made it particularly difficult for MSMEs to thrive. However, Qardy’s innovative approach is set to reduce this wait time to a mere 18 days, providing a much-needed breath of fresh air for many businesses.
Since its inception, Qardy has garnered a reputation as a trustworthy partner for thousands of corporate clients, executing over EGP 550 million (approximately USD 12 million) in loan transactions. The startup’s success was further bolstered by securing a seven-figure dollar pre-seed funding round in August, signaling investor confidence in its mission and potential.
The new partnership with Waseela—sanctioned by Egypt’s Financial Regulatory Authority—marks a significant expansion for Qardy beyond the MSMDs sector. Tamer El-Manasterly, Qardy’s COO, expressed enthusiasm about the collaboration, stating, “We are thrilled to launch consumer finance options for home finishing alongside Waseela. This marks a crucial milestone for Qardy as we finally roll out a consumer finance product aimed at helping individuals realize their dream homes.”
This latest initiative taps into the increasing demand for home improvement and renovation financing in Egypt, providing a much-needed solution for those looking to invest in their living spaces without the hassle of traditional financing methods. With such initiatives, Qardy not only enhances access to finance but also contributes positively to the ongoing development of Egypt’s financial technology ecosystem.
As Qardy continues to innovate and push the envelope in consumer financing, this partnership stands as a testament to the growing momentum within Egypt’s fintech sector. Keep an eye on Qardy and Waseela as they work together to transform consumer lending in the region.
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