ع
Fincart announced on July 27 that it had raised an oversubscribed $2.8 million seed round featuring participation from Yango Ventures, the corporate venture arm of UAE-based technology company Yango Group, alongside co-leads Launch Africa and Antler MENAP. The statement indicated the proceeds would finance further product development, team growth and fresh commercial partnerships as the startup prepares for expansion into additional markets across the Middle East, North Africa and broader African continent. Yango Ventures will also contribute product, technology and scaling expertise drawn from its parent group’s operations in more than 35 international markets, according to the announcement.
The Cairo-headquartered company operates an AI-powered platform that allows e-commerce merchants to handle shipping, cash reconciliation, working capital access and customer engagement within a single system. Fincart began as a service linking merchants with last-mile delivery providers before evolving into a fuller operating system now integrated with more than 40 shipping providers, the founders noted in the release. Co-founders Mostafa Masry and Nihal Ali have positioned the technology to tackle key pain points for small and medium-sized businesses in emerging markets.
Fincart stated that it currently serves more than 450 merchants and enterprise clients, with platform workflows having supported the delivery of products valued at nearly one billion Egyptian pounds, or approximately $20 million. The company added that 40 percent of its customer acquisition stems from referrals, achieved without any marketing expenditure over the past three years. Such metrics underscore the platform’s traction among SMBs seeking streamlined logistics solutions amid rapid sector growth.
Daniil Shuleyko, CEO of Yango Group, said in the statement, “We have built technology businesses in more than 35 markets. Fincart is addressing this challenge by simplifying logistics. We’re excited to back such an ambitious team and look forward to supporting their journey as they scale across the region.” Mostafa Masry, co-founder and CEO of Fincart, added in the same announcement, “Yango’s partnership marks a defining chapter for Fincart. With their support, we’re not just expanding into new markets; we’re building the infrastructure to power the next growth phase of e-commerce SMBs in emerging markets.”
Mordor Intelligence data places Egypt’s e-commerce market at $11.49 billion in 2026, with projections for expansion at an 11.89 percent compound annual growth rate through 2031. A Grand View Research assessment found the Middle East and Africa e-commerce logistics market generated $36.74 billion in 2023 and is forecast to grow at a 22.9 percent CAGR from 2024 to 2030, driven by rising online retail demand and infrastructure improvements. These trends align with Fincart’s focus on digital tools that reduce operational friction for merchants navigating complex supply chains.
Yango Ventures manages a $20 million fund dedicated to early-stage startups in the MENAP region, sub-Saharan Africa and Latin America, with investments spanning ride-hailing, e-commerce, fintech and artificial intelligence applications. The deployment into Fincart follows the fund’s earlier backing of UAE-based Comfi AI, according to details released with the round. The participation reflects Yango Group’s broader strategy of supporting companies that strengthen digital infrastructure for businesses in high-growth emerging markets.
