Dayra, a Cairo-based fintech company, has entered Y Combinator’s Winter 2021 batch and raised the region’s largest debt and equity Pre-Seed round, totaling US$3M.
Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes, and Y Combinator, as well as a number of prominent angel investors, led the Pre-Seed round of funding.
Dayra’s founder and CEO, Omar Ekram, speaks about the funding and joining Y Combinator.
“We’re ecstatic to be a part of YC’s W21 batch and to have completed our pre-seed round. This is a significant step toward realizing our vision of offering the most affordable financial services solution in the Middle East and North Africa. As well as bringing digital financial services to millions of financially excluded people, thanks to our strategic partnership with EFG Hermes.”
With the new funding, the startup plans to double its staff, expand the company, and develop new product features.
The fintech startup, founded by Omar Ekram in 2020, aims to provide a variety of financial services to the region’s unbanked gig-workers and micro-businesses.
Dayra developed an ambitious solution for Egypt’s unbanked population in response to the country’s rising financial exclusion.
Also, the fintech startup is able to provide financial options like virtual bank accounts, prepaid cards, and quick access to credit at lower rates than conventional lenders.