Egypt’s Fintech Balad Secures Seven-Figure Pre-Seed Fund Round Led by Acasia Ventures

Egypt’s fintech Balad has raised a seven-figure pre-Seed round led by Acasia Ventures. Other investors in the round included Launch Africa, Future Africa, V&R, Magic Fund, First Circle, Sunny Side, and several family offices. This is the fintech’s first funding round.

Founded in 2022 by Adham Azzam, Sally Asaad and Mohamed Assem, Balad is a remittance-driven financial service provider with reduced transfer fees and instant delivery of inward remittances via Balad prepaid cards. 

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.

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.