Egyptian online shopping platform Wasla secures US$9M funding from CFH for regional expansion

EGYPT – Egyptian browser-based shopping platform Wasla has raised US$9 million in funding from Contact Financial Holding (CFH) to assist with its product rollout and regional expansion.

Wasla is the first emerging markets mobile web browser and desktop extension optimized for online shopping.

The e-commerce site is currently preparing to launch a number of new products and services, including BNPL financing and a new digital payment option.

Wasla’s browser-based experience includes a deal finder that gathers discount coupons and cashback links from a network of vendors.

As it continues to develop additional functions for a better end-to-end shopping experience, it plans to introduce a price-comparison tool.

The startup helps users save money online through aggregated deals, discounts, and cashback, for a network of over 100, local and regional, e-commerce merchants.

It has so far clocked up 1.5 million app downloads, with 8.5x year-on-year growth in total e-commerce traffic, and it also recently secured a partnership to expand its services across Africa.

Through this funding Wasla partners with Contact (formerly Sarwa Capital), Egypt’s largest consumer finance platform, to transform the way people access finance.

The two companies will work together on realizing the vision of further enabling e-commerce adoption in emerging markets.

This will be achieved through the platform’s various tools supported by a new suite of financial services offerings including online payments and ‘buy now pay later.’

Operating as an extension to Contact’s core business, Wasla will allow Contact to move into adjacent market segments and attract new user groups.

With over 20 years of innovation in consumer financial services, this strategic investment demonstrates Contact’s drive to multiply its reach and empower businesses with its advanced credit services platform,”  said Hazem El Said, CEO of Wasla.

Egypt’s e-commerce business is predicted to have earned $5 billion in revenue last year, with the sector expected to grow at a 22 percent annual growth rate over the following four years.

Having secured this funding, Wasla’s plan to scale and expand into other regions is not far-fetched.

Hopefully, they can replicate the same level of success in other African countries with an open and ready market.

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