Cairo, Egypt – [September-18-2024]
Qardy, the first online lending marketplace in Egypt and the MENA region for financial institutions to fund MSMEs (Micro, Small, and Medium Enterprises), is excited to announce its partnership with Waseela to launch our first digital consumer financing product aimed at providing financing options to cater the growing market of consumer financing that exceeded EGP 124 Bn. This partnership showcases Qardy’s dedication to providing everyone the power of debt financing.
Qardy is a pioneering lending marketplace that connects borrowers with lenders to facilitate access to affordable and convenient financial solutions. Through its innovative platform, Qardy is already transforming the lending landscape in Egypt by offering a wide range of loan products tailored to meet the diverse needs of its customers. Qardy loan portfolio surpassed EGP 550 million with a target to reach EGP 800-900 Mn by end of 2024.
Waseela & Qardy will kick-off the partnership by offering financing products for the growing home-finishing need, enabling individuals to secure funds for home-completion and redesigning, targeting a loan portfolio of EGP 100 Mn by 2025.
“We are excited to announce our partnership with Waseela to launch consumer finance options for home finishing,” said Tamer El-Manasterly, COO of Qardy. “This partnership with Waseela marks a significant milestone for Qardy as we launch our first consumer finance product, dedicated to empowering individuals to realize their dream homes. Our Home Finishing Financing solution is not just a financial service; it’s a commitment to supporting our customers and service providers amidst the economic challenges in Egypt. It ensures timely project completion and safeguards against the fluctuating costs, fostering a more stable and reliable market for all parties involved.”
Waseela is a consumer finance company, and a subsidiary of AUR Capital Financial Group with a strong track record of providing innovative financial solutions to its customers. By joining forces with Qardy, Waseela aims to leverage its expertise and resources to expand access to consumer finance for finishing houses and drive positive change in the housing sector.
“We are excited to partner with Qardy to launch this new product and contribute to the development of the housing market in Egypt,” said Ahmed El-Ghandakly, Managing Director of Waseela. “By combining our strengths and resources, we are confident that we can make a meaningful difference in the lives of individuals seeking to complete their homes.”
About Qardy:
Qardy established in July 2022 as Egypt’s 1st online lending marketplace for financial institutions to fund MSMEs. Qardy offers the fastest and easiest access to financing through a fully-digital experience through partnerships with top financial institutions in Egypt. We seek to reduce the debt financing gap between financial institutions and MSMEs.
About Waseela:
Waseela is a consumer finance company licensed by the Financial Regulatory Authority and a subsidiary of the AUR Capital Financial Group. AUR Capital is a leading private equity firm in the Egyptian market. Its mission is to become the premier private equity firm in Egypt by delivering exceptional returns to its investors and building long-lasting relationships with its partners, all while maintaining the highest standards of professionalism and commitment.
