Egypt’s End-to-End SaaS Real Estate Payments Platform, Boyot Gets Undisclosed Pre-Seed to Expand
Boyot, an Egyptian startup, has raised a six-figure pre-seed round from a Kuwait-based real estate firm. Boyot provides an end-to-end operating system for payment and financial services focused on the real estate market. This funding will help the startup expand its operations to Kuwait and grow its team.
In 2020, Mahmoud El Sabongy, Khaled El Refaay, and Mohamed Sayed co-founded the cloud-based property and rent management solution to allow real estate firms to digitize their entire payment operations, allowing them to track the status of their customers’ payments from the moment it is scheduled to settlement. Furthermore, businesses can use existing application programming interfaces (APIs) to provide and launch financial products such as buy now and pay later (BNPL).
Explaining the gap that Boyot is trying to fill, Mahmoud El Sabongy, the startup’s CEO, said, “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. About 85 percent of merchants don’t get their receivables through cheques. Instead, they either send out agents to perform cash transactions or get the payment through a bank transfer. Irregular cash collection methods ultimately translate into lower margins. Moreover, as merchants scale, the payment collection process becomes more and more complicated and far from straightforward, leaving businesses struggling with inconsistent gains.”
Boyot officially began commercial operations last month when it signed its first corporate client, Misr Asset Management Company, the real estate arm of Misr Insurance Company.
According to ElSabongy, the funds will be used to expand the startup’s client base, hire across tech and business, and invest in product technology.