Mostafa Elmasry and Nihal Ali, Fincart.io Co-founders. Image Credits: Fincart.io
Egypt-based eCommerce logistics platform Fincart.io has successfully closed its pre-seed round with an undisclosed amount in funding. The round was led by Plus VC, a Middle East and North Africa (MENA) powerhouse in the venture capital landscape. Global and regional investors like Plug and Play, Orbit Startups, Jedar Capital, and other strategic partners joined the investment pool. This investment highlights the growing interest in innovative solutions in the region’s eCommerce logistics sector.
Mostafa Elmasry and Nihal Ali founded Fincart.io in 2023 to address the crucial gap of efficient shipping in the eCommerce landscape by offering small and medium-sized businesses with integrated multi-courier shipping solutions, seamless last-mile delivery operations, and access to working capital to drive growth.
Fincart.io’s user-driven platform offers a courier recommendation engine, consolidated payments, and exclusive shipping rates, delivering enhanced efficiency for merchants. The company has reportedly achieved a fourfold year-over-year expansion and strong organic referrals reflect the platform’s effectiveness in addressing market needs.
The MENA region’s e-commerce market is positioned for exponential growth, with projections estimating its value at $75 billion by 2028. Four million SMBs form the core of the industry and are at the heart of the market’s growth. However, they struggle with logistical issues that obstruct growth. Fincart.io addresses these pain points by consolidating the region’s largest courier network into a single platform, enabling merchants to streamline order management, access competitive shipping rates, and unlock financial support.
“We are thrilled to be backed by such esteemed investors who share our vision for revolutionizing e-commerce logistics. This funding milestone underscores the confidence in our approach and the immense potential of our market. By empowering SMBs with a seamless platform, we are enabling them to scale efficiently and capitalize on the growing demand for e-commerce across Africa and the Middle East.” said Mostafa Elmasry, Co-Founder and CEO of Fincart.io.
“We are proud to support Mostafa, Nihal, and the Fincart.io team as they tackle one of the most pressing challenges in e-commerce logistics. Their innovative platform equips SMBs to overcome logistical barriers, driving exponential growth and positioning Fincart.io as a pioneer in this space.”said Hasan Haider, Founder and Managing Partner at Plus VC.
“William Bao Bean, Managing General Partner at Orbit Startups, corroborated this perspective “E-commerce in MENA is taking off, with projections exceeding $50 billion this year alone. Efficient shipping is a critical enabler for SMBs to sell profitably, and Fincart.io is well-positioned to elevate e-commerce fulfillment for merchants and carriers alike.”
Sherif Nessim, Founder and Managing Partner of Jedar Capital, highlighted the company’s data-driven approach as a key differentiator. “Logistics and delivery delays remain major hurdles in the Middle East and Africa’s e-commerce sector. Fincart.io’s extensive courier partnerships and innovative solutions make it a go-to platform for businesses seeking reliable shipping solutions.”
The newly secured funding will be channeled towards enhancing Fincart.io’s technology platform, expanding its courier network, and deepening its footprint in the fast-growing e-commerce markets of Africa and the Middle East.
Co-founder and COO Nihal Ali emphasized the company’s commitment to enabling SMBs’ growth. “Our platform empowers merchants to improve delivery performance, achieve full coverage, and scale seamlessly. With a strong foundation and an expanding network, we are set to redefine e-commerce logistics in the region.”
