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Dubai-Based Carasti Lets You Rent A Car For Up To Two Years
Carasti describes itself as an all-inclusive car subscription app that removes all the hassle associated with car ownership, such as service and maintenance, while preserving all the benefits.
Due to environmental and safety regulations, as well as rising costs of insurance and fuel, the cost of car ownership has never been higher. While modern public transportation systems in many countries already provide an attractive alternative, the recent COVID-19 pandemic has highlighted their limitations. Fortunately, there’s another option available: long-term car renting, and McKinsey predicts that it will generate almost 30 percent of the automotive industry’s revenue by 2030 thanks to startups like Carasti, which has just launched its service following a successful pre-Series A funding round last month.
Based in Dubai, Carasti describes itself as an all-inclusive car subscription app that removes all the hassle associated with car ownership, such as service and maintenance, while preserving all the benefits.
Carasti
“Our subscription model aims to make car ownership as flexible and affordable as possible, providing our customers with an easy alternative to car ownership,” explains the company’s CEO, Claudio Esposito-Aiardo. “There are no hidden costs, no extra fees, and no financial surprises. We simply don’t believe that you should be weighing yourself down with debts, bank loans, and payments just to drive a car.”
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Carasti users can choose between two distinct subscription models. The month-to-month subscription model provides access to a variety of nearly new cars with a monthly, 6 month or yearly commitment. The mini lease subscription model lets users choose a 12 or 24-month plan on a brand-new car.
Regardless of which model you pick, you always have to provide only your Emirates ID, driving license, passport copy, or visa copy. All subscriptions include insurance, maintenance, roadside assistance, and flexible car switching. Carasti supports both Android and iOS devices, and your first car can be delivered to you in as little as 4 hours from downloading it.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
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