North Africa – the region where you can find countries such as Morocco, Algeria, Tunisia, Libya, Egypt, and Sudan – excels in several aspects, including energy production, agriculture in fertile valleys – like those along the Nile River – and tourism. Countries like Algeria and Libya are known to produce big amounts of oil and natural gas, and so much more.
However, this area in Africa lacks two things: a proper eCommerce logistics, and a secure system.
There are alumni from Careem and Delivery Hero who stepped up to the plate to raising as much as a whopping $2.8 million to fix North Africa’s eCommerce tangling, dilemma, and so much more.
Those alumni are Mostafa El Masry and Nihal Ali – former executives at Careem, Vodafone, Deliver Hero, and Glovo – who are bringing their experience and learnings from those companies to fuel a system known as Fincart.
“Everything we build starts with sitting down with merchants and understanding where they are losing time, money or customers,” stated Nihal Ali, co-founder and chief operating officer. “Most of them use five or six separate tools to manage shipping, payments and customer interaction, and these tools do not integrate with each other. We built Fincart to replace all of that with a single dashboard.”
Fincart, similar to several other companies like gaming houses, started as where eCommerce sellers are connected with last-mile delivery providers to enhance delivery performances, as well as speed up cash-on-delivery settlements.
It is also a leading shipping system! So that means they work for deliveries and more. Fincart has since evolved into a broader operating system that integrates shipping, short-term revenue-based financing, and customer-retention tools driven by artificial intelligence agents.
With over 40 shipping companies in aggregation under its wing, a network it describes as the largest of this kind in Africa, Fincart automates the whole order-to-cash workflow. Through its technology, merchants can manage shipments, reconcile cash-on-delivery payments, and access working capital advances that are linked to and associated with sales volumes from a single dashboard. From here alone, you can see how North Africa’s eCommerce shopping dynamics and systems can change.
“eCommerce in Egypt and the Mena region doesn’t grow thanks to a single company, but rather when merchants, shipping companies, and the platforms that connect them all improve their performance,” El Masry said. “This investment will enable us to expand partnerships, develop our AI-powered platform, enhance infrastructure, and accelerate growth in Africa and the Middle East.”
That’s nice news! These eCommerce systems will also benefit from the scope of Fincart. They got over a wonderful and excellent number of 450 merchant across the categories of fashion, cosmetics, accessories, and electronics using it. The influx of customers is also incredible!
Investors in this initiative are more than thrilled to share what they got. They told RSF, “We invest in people first, and Mostafa, Nihal, and their team were the main reason behind our decision. They experienced this problem from all angles and built the company quickly and with discipline. We believe in Egypt’s potential as a launchpad for trade infrastructure in the Middle East and Africa.”
Way to go, Africa! Send in your congratulatory messages by creating that account or opening this here on RSF. See you around!