Fintech startup Cassbana raised $1 million from DisrupTech in participation with other funds.
The startup uses AI to run a behaviour-based credit scoring system, which determines individuals and businesses’ access to credit, focusing especially on unbanked individuals.
Founder and CEO of Cassbana, Haitham Nassar, said in a statement to Al Mal :”We aim to establish financial identities for those dealing with institutions and service providers contracting with us, in order to enable these clients to obtain financial services, whether to grow their business or bypass any unaccounted risks. Without this financial identity, many suffer from uncomfortable and expensive options for obtaining financial services or no options at all.”
Cassbana launched its services on a trial basis in June 2020, with one service provider in Cairo. Now, they are dealing with over 20 service providers in a few Egyptian cities. It plans to enter Upper Egypt’s market this month.