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RemTech Balad raises seven-figure pre-Seed led by Acasia Ventures

By Delisha Fernandes

May 11, 2023

  • Acasia Ventures
  • Balad
  • banking partnership

BaladEgypt-based Balad has raised a seven-figure pre-Seed round led by Acasia Ventures. The investment will be used to launch Balad’s remittance platform, develop its technology, hire new team members, obtain required licences, and complete integrations with its banking partner.

The round was joined by Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices. Balad’s founders aim to break down financial barriers for this segment by simplifying digital remittances for migrants and their families, allowing recipients instant access to transferred funds at lower fees and starting them off on their journey of digital finance.

Their vision aligns with the UN’s 10th Sustainable Development Goal (SDG), which calls for reducing the global average fee for remittances from 7% to 3% within a decade and improving the financial inclusion of excluded communities.

The investment will be used to launch Balad’s remittance platform, develop the necessary technology for the platform, hire new team members, obtain required licenses, and complete integrations with its banking partner.

“Acasia Ventures has been an instrumental lead investor for our pre-seed round, as it supported the founders from the start and facilitated our access to other funding partners,” said Adham Azzam. “We are excited to leverage Acasia Ventures’ expertise, African connections and synergies with its portfolio companies.”

“Balad is led by a seasoned executive team that has demonstrated its ability to bring such a vital product to the market,” said Aly El Shalakany Ventures Managing Partner Acasia. “Its offering is unique and distinctive in that it provides remittance receivers with a quick and cheap solution to financial access, broadening the umbrella of financial inclusion across Egypt and the GCC.”

Balad is a remittance-driven financial service provider (RemTech) catering for migrants and their families. The startup offers reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards.

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