Egyptian startup Qardy, an innovative marketplace and aggregator for debt financing, has joined forces with Cashcall in a strategic partnership aimed at fostering financial prosperity for micro, small, and medium enterprises (MSMEs). Qardy, founded in July 2022, has positioned itself as a facilitator of loans for MSMEs, aspiring to become the “Amazon of lending” by streamlining and revolutionizing the lending process for businesses. The collaboration with Cashcall signifies a pivotal step toward achieving Qardy’s goal of significantly reducing the waiting time for obtaining loans, addressing the challenges posed by the current manual lending process.
Qardy’s Mission to Transform Lending for MSMEs
Qardy, launched with a vision to revolutionize the lending landscape, focuses on facilitating loans for MSMEs, recognizing the critical role these enterprises play in the economic ecosystem. Abdel Aziz Abdel Nabi, the founder of Qardy, expressed the startup’s ambitious goal of becoming the “Amazon of lending.” The emphasis is on leveraging technology to streamline and expedite the lending process, addressing the current challenges faced by MSMEs, including prolonged waiting times and reliance on personal connections.
Cutting Waiting Time and Enhancing Accessibility
One of the primary objectives of Qardy is to significantly reduce the waiting time for MSMEs to secure loans, aiming to bring it down from the current nine months to a more efficient timeframe of around 18 days. The traditional lending process, characterized by its manual nature and reliance on personal connections, poses substantial challenges for MSMEs, hindering their ability to navigate the lending landscape effectively. Qardy’s innovative approach seeks to overcome these obstacles and make debt financing more accessible and streamlined for businesses.
Strategic Partnership with Cashcall
The partnership with Cashcall represents a strategic move for Qardy to enhance its capabilities and broaden its impact on the MSME lending ecosystem. By collaborating with Cashcall, Qardy aims to leverage synergies and expertise to drive financial prosperity for a larger segment of businesses in Egypt. Cashcall’s involvement in the partnership signifies a shared commitment to advancing financial inclusivity and empowering MSMEs through innovative lending solutions.
Technology as a Catalyst for Transformation
Qardy’s mission to serve as the “Amazon of lending” underscores the transformative potential of technology in reshaping traditional financial processes. By embracing digital innovation, Qardy seeks to create a lending platform that is not only efficient but also inclusive, addressing the unique needs of MSMEs in Egypt. The strategic partnership with Cashcall aligns with this vision, marking a step forward in the journey toward redefining debt financing for businesses.
Conclusion
As Qardy and Cashcall join forces, the collaboration holds promise for redefining the landscape of debt financing for MSMEs in Egypt. By harnessing the power of technology and strategic partnerships, Qardy aims to bring about a paradigm shift in the accessibility and efficiency of lending, contributing to the financial empowerment of businesses. The evolving collaboration between Qardy and Cashcall signifies a commitment to fostering a conducive environment for MSMEs to thrive, marking a significant chapter in the journey toward a more dynamic and inclusive lending ecosystem.