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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.
