Egyptian startup Boyot, which offers an end-to-end operating system for payments and financial services focusing exclusively on the real estate market, has raised a six-figure pre-seed round of funding as it prepares to expand into Kuwait. Founded in 2020 by Mahmoud El Sabongy, Khaled El Refaay and Mohamed Sayed, Boyot enables real estate firms to digitise their entire payment operations, allowing them to track the status of customer payments in real-time. Companies can also leverage its APIs to provide and launch financial products such as buy now, pay later (BNPL). The startup officially commenced commercial operations back in May, and shortly after onboarded Misr Asset Management Company, the real estate arm of Misr Insurance Company, as its first corporate client. “Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt. About 85 per cent of merchants don’t get their receivables through cheques,” said El Sabongy. “Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. As merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains.” Boyot also plans to expand its client base, hire across tech and business, and invest in its product technology.
SOURCE: DISRUPT AFRICA
More Stories
The Challenges Facing the New Leader of Africa’s Largest Economy are Simply Enormous
Understanding the Opinions of Africa’s Rising Generation
SA Reserve Bank Concerned about the Rand’s Recent Meltdown and Persistent Price Pressures
Africa’s Banking Sector Celebrates
ICYMI Sam Altman Made a Stop in Lagos
Is African Debt as Perilous as Foreign Lenders Assume?
Accra’s IPPs Threaten Shutdown Over Non-Payment
DRC To Change the Way it Does Business with China
Maputo Picks a Partner for its Hydro Plans
Results of the Kenya Small Firm Diaries study in Nairobi
Africa Day this Year Marks 60 Years since the Founding of the Organisation of African Unity
Zimbabwe Retailers Head to the Streets