Wasla, Egypt’s growing e-commerce platform, has raised $9 million in a strategic investment from Contact Financial Holding, a prominent non-bank consumer finance provider. This partnership is set to bolster Wasla’s future growth, allowing it to enhance its offerings, introduce new products, and expand regionally.
Founded in 2018 by Serag Meneassy, Taymour Sabry, and Mahmoud El-Said, Wasla aims to improve the online shopping experience in Egypt. The investment will help Wasla build out additional functionalities and refine its platform to include buy now, pay later (BNPL) options, along with new payment methods aimed at facilitating smoother transactions.
As part of its expansion, Wasla is introducing an innovative checkout experience, which includes a secure payment system with time or value limitations. The platform will also integrate BNPL solutions, offering an end-to-end e-commerce journey from product discovery to financing.The investment will see Contact Financial Holding, which has been in the consumer finance business since 2001, leveraging its expertise in financial technology to enhance Wasla’s credit services and customer experience. The financial firm has pioneered advanced credit scoring systems and AI-driven tools, which will now be available to Wasla’s users, providing faster loan approvals and tailored credit offerings.
Contact’s experience with consumer finance will help Wasla address the challenges of Egypt’s traditionally cash-on-delivery payment model, a system that is costly for both consumers and merchants. By introducing alternative payment methods, the aim is to encourage more online transactions, making digital shopping more accessible for a larger audience.Wasla has already achieved significant growth, with 1.5 million downloads and an impressive 8.5-fold increase in year-on-year e-commerce traffic. The platform aggregates deals from over 100 regional and local merchants, further solidifying its position in Egypt’s competitive e-commerce market.Looking ahead, Wasla plans to expand beyond Egypt, with Nigeria being a key target market. Nigeria’s large, tech-savvy population and advanced e-commerce infrastructure make it an attractive destination for Wasla’s regional growth.The investment from Contact Financial Holding is a major step forward in Wasla’s journey. The e-commerce startup previously secured $1.2 million from a range of investors, and the new funding positions Wasla for continued expansion. As the e-commerce sector in Egypt continues to grow, Wasla aims to capture a larger share of the market, which saw revenues of $5 billion last year and is expected to experience significant growth in the coming years.
