Recently, we looked into CreditFins, a Cairo, Egypt-based “credit card management solution that helps customers optimize their usage, spend less, earn more rewards, and become more financially savvy.” The startup launched in 2020 and made it on the Wellfound (formerly AngelList) “Top Fintech Startups in 2023.”
CreditFins currently has an app called Alpha credit card manager that’s available for both iOS and Android. According to the website, the app has two levels of subscriptions, a basic offering which is free, and the premium offering which is 75 EGP/month. Through the app you:
*Alpha users connect their credit cards to the app through BIN numbers, aka a traditional payments network route instead of through open banking.
CreditFins is also in the pre-launch phase for their Alpha debit card which works in tandem with the app. According to part of the FAQ section on the website (that unfortunately wasn’t super easy to find), the Alpha Card works like this:
In our minds, the premise of CreditFins isn’t anything new. What makes it stand out, however, is that it’s the first fintech of its kind to be up and running in the Middle East and Northern Africa.
The CreditFins website, which is in English, isn’t anything flashy or special. Although it explains the product pretty well and is relatively simple and easy to navigate, we would have liked more visuals and to have the product descriptions laid out in a way that was easier to digest. In conclusion, from our perspective as a potential consumer, the website structure and presentation of information could have been more appealing for us to want to take the next step to download and try out the app.
In order to get started with Alpha, users must have a phone number with an Egyptian prefix, so we weren’t able to try out the app for ourselves. Although unfortunate for us (we were really hoping to be able to see how they had designed the app and its features), this requirement tells us that CreditFins is narrowly focused on a specific geographical location and the customers located there.
Since we were unable to try out the app for ourselves, we can’t give this app a glowing review. We would have liked to be able to see the differences between the free version and paid version (although the paid subscription costs less than $2.50 USD/month, so it’s not very expensive). So time will tell regarding CreditFins and their app and debit card – if it’s truly a great product, it will last and hopefully expand to other countries as well.