Egyptian startup Boyot, which offers an end-to-end operating system for payments and financial services focusing exclusively on the real estate market, has raised a six-figure pre-seed round of funding as it prepares to expand into Kuwait. Founded in 2020 by Mahmoud El Sabongy, Khaled El Refaay and Mohamed Sayed, Boyot enables real estate firms to digitise their entire payment operations, allowing them to track the status of customer payments in real-time. The startup officially commenced commercial operations back in May, and shortly after onboarded Misr Asset Management Company, the real estate arm of Misr Insurance Company, as its first corporate client. It has now raised a six-figure pre-seed funding round from a Kuwaiti firm, which will help Boyot open an office in Kuwait later this year. “Poor cash flow management is one of the key challenges hurdling the growth of small and medium-sized businesses (SMBs) operating in the local real estate market in Egypt.

Source: The North Africa Journal June 22, 2022 10:17 UTC