Egyptian fintech startup Balad has successfully raised a substantial seven-figure USD pre-seed funding round to fuel the launch of its innovative remittances platform, expand its team, and obtain the necessary licenses for operation.

Founded in 2022 by Adham Azzam, Sally Asaad, and Mohamed Assem, Balad aims to address the financial needs of migrants and their families. The startup offers a remittance-focused financial service that provides reduced transfer fees and instant delivery of inward remittances through the use of Balad prepaid cards.

The pre-seed funding round was led by prominent Egyptian venture capital firm Acasia Ventures, formerly known as Cairo Angels. It also attracted investments from Launch Africa Ventures, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and various family offices.

The secured investment will be allocated towards launching Balad's remittance platform, developing the necessary technological infrastructure, expanding the team through new hires, obtaining essential licenses, and completing integrations with its banking partner.

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Adham Azzam, the co-founder of Balad, expressed gratitude towards Acasia Ventures for its instrumental role as the lead investor in the pre-seed round. He emphasized the firm's support from the inception of the project and its facilitation of connections with other funding partners. Azzam also expressed excitement about leveraging Acasia Ventures' expertise, African network, and synergies with its portfolio companies.

Aly El Shalakany, Managing Partner of Acasia Ventures, highlighted Balad's exceptional executive team, which has demonstrated its ability to bring a vital product to the market. He commended the startup's unique offering, emphasizing that it provides remittance receivers with a quick and cost-effective solution for financial access. This, in turn, helps broaden the scope of financial inclusion across Egypt and the GCC region.

Balad's successful pre-seed funding round positions the startup for growth and enables it to continue its mission of facilitating affordable and accessible financial services for migrants and their families.