Egypt-based AI-powered FinTech FlapKap raises $1.2M

FlapKap, a tech startup based in Egypt that aims to disrupt e-commerce and SaaS growth in MENA, has announced its launch and successful completion of a $1.2 million funding. The round was led A15, one of the region’s most famous financiers of early-stage start-ups. 

FlapKap is the Middle East’s first company of its kind, and it’s a regionalized version of Clearco and Wayflyer. It has two primary value propositions: first, it provides AI-based insight to online businesses to help them optimize their advertising expenditure and maximize earnings. Next, on that advertising spend, it offers these businesses revenue-based flexible payment plans to support long-term growth without liquidity restraints.

They are currently available in the UAE and Egypt, and will soon expand to Saudi Arabia. The company also plans to expand across MENA and acquire merchants quickly.

The management team of FlapKap has a history of success in e-commerce, media, and digital banking. Ahmad Coucha, a Harvard graduate and co-founder of MENA’s leading advertising agency Kijamii, is the company’s co-founder and CEO. Khaled Nassef, co-founder/CTO, formerly of German neobank N26 and Amazon; Amr Gamal, COO, formerly of McKinsey and P&G; and Sherif Bichara, FinOps Manager, formerly of Helios and Lazard, make the perfect founding team.

Ahmad Coucha, co-founder and CEO of FlapKap, stated: “We are delighted to announce our launch and fundraise, and have the backing of such an esteemed investor as A15 – one of the leading venture capital firms in the MENA region. It is a testament to our business model and validates our strategy. We have taken a proven international business model and adapted it for the Middle East.

Our solution empowers SMEs and startups to grow sustainably, without losing equity, and to help manage their cashflows. With a first-mover advantage and a huge market opportunity, we are excited to extend the growth opportunities we have unlocked for our early clients to the whole region.”

The startup will be able to use its recently acquired funds to expand into new markets and strengthen their flexible subscription models. Karim Beshara, A15’s General Partner, added:  “A15 is proud to lead the fundraise for FlapKap and to back its CEO, Ahmed Coucha, for our second venture together. FlapKap is not only a visionary company with an excellent business model, but it is creating real tangible value for the region by helping SMEs grow. It also has a first-mover advantage in a significant market, all of which creates a very bright future.”

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