The women-led fintech venture was set up four years ago to smooth the flow of remittance payments from the Arab Gulf and Europe back to Egypt. Money flows from the diaspora community and others to friends and businesses in Egypt have surged to $43.1 billion in the past year.

The founders are looking to expand to Libya, Morocco, Tunisia and Saudi Arabia. A majority investment from Egyptian asset management firm EFG Holding will help Balad scale consumer remittances and roll out B2B infrastructure for other financial institutions to offer remittance services. The deal gives EFG the option to acquire Balud outright within the next four years.

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First Circle, a…