Egyptian online lending marketplace Qardy has partnered consumer finance company Waseela to launch a digital consumer financing product.
Founded in July 2022, Qardy facilitates loans for MSMEs, with founder Abdel Aziz Abdel Nabi saying the startup’s goal was to be the “Amazon of lending”.
“Qardy aims to cut the waiting time to get a loan from nine months to around 18 days. Since the current lending process is manual, it takes so much time, and it mainly focuses on personal connections, making it very tough for MSMEs to go through the process,” he told Disrupt Africa in July 2023.
Since its launch, Qardy has established itself as a trusted partner for MSMEs and financial institutions, and now has over 1,000 corporate clients on its platform. It has executed over EGP550 million (US$12 million) in loan transactions.
Disrupt Africa reported in August the startup had secured a seven-figure US dollar pre-seed round of investment to help it expand, and it has now announced a partnership with Waseela, a consumer finance company licensed by Egypt’s Financial Regulatory Authority. The partnership will see the two companies offer financing products for the growing home-finishing need, enabling individuals to secure funds for home-completion and redesigning.
“We are excited to announce our partnership with Waseela to launch consumer finance options for home finishing,” said Tamer El-Manasterly, COO of Qardy. “This partnership with Waseela marks a significant milestone for Qardy as we launch our first consumer finance product, dedicated to empowering individuals to realise their dream homes.”
