Dayra raises $3 million pre-Seed investment, joins Y Combinator

Dayra raises $3 million pre-Seed investment, joins Y Combinator

Egypt-based fintech Dayra, has raised a $3 million pre-Seed debt and equity investment from Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes and Y Combinator, as well as multiple angel investors. The investment came shortly after Dayra received backing from Y Combinator and joined its Winter 21 batch.

Dayra provides financial services to the unbanked segment in Egypt, particularly gig workers such as delivery couriers, truck drivers and freelancers, and micro-business owners such as kiosks, small shops, restaurants, and craftsmen. The startup, which was launched by Omar Ekram early in 2020, enables its users to access financial products like virtual bank accounts, prepaid cards and access to credit 

Since its launch, Dayra has grown at a monthly growth rate in excess of 50 per cent, and has helped thousands of unbanked individuals access their income early while also processing tens of thousands of transactions worth millions of dollars. The startup also offers short to long-term loans ranging from $100 to $1500,with an average loan size of $500. 

"We are thrilled to be part of YC's W21 batch and to close our pre-Seed round. This is a key milestone in realising our vision of providing the most accessible financial services solution in Mena, and