Egyptian startup Boyot, which offers an end-to-end operating system for payments and financial services focusing exclusively on the real estate market, has raised a six-figure pre-seed round of funding as it prepares to expand into Kuwait.
Founded in 2020 by Mahmoud El Sabongy, Khaled El Refaay and Mohamed Sayed, Boyot enables real estate firms to digitise their entire payment operations, allowing them to track the status of customer payments in real-time. Companies can also leverage its APIs to provide and launch financial products such as buy now, pay later (BNPL).
The startup officially commenced commercial operations back in May, and shortly after onboarded Misr Asset Management Company, the real estate arm of Misr Insurance Company, as its first corporate client. It has now raised a six-figure pre-seed funding round from a Kuwaiti firm, which will help Boyot open an office in Kuwait later this year.
Boyot also plans to expand its client base, hire across tech and business, and invest in its product technology.
“Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt. About 85 per cent of merchants don’t get their receivables through cheques,” said El Sabongy.
“Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. As merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains.”
