Cairo-based Fintech startup,Hollydesk recently secured $325k in pre-seed funding to develop the team’s technical capabilities, grow the staff and product offering, and expand elsewhere in the region.
Hollydesk’s CEO, Mahmoud Moussa, expressed his happiness at the company’s new investment, saying that it will help the company grow and continue its horizontal expansion of services.
Mahmoud Moussa said, “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced soon with major Egyptian banks, which is in line with the Egyptian government’s plans to achieve financial inclusion, especially for workers within small and medium companies.”
He added that the company plans to expand its services and solutions in new markets in the region.
Mahmoud Moussa said, “We see a great opportunity in the field of digitising the part of following up on companies’ expenses, and this is only the beginning, and we aspire to what is greater than that by providing other solutions such as financing and other solutions to help these companies achieve greater growth for this sector.”
Hollydesk is Egypt’s first financial technology company in the field of managing SMEs expenses and accounts after securing funding from angel investor Faisal Abdel Salam and other investors.
Hollydesk was founded in June of 2021, and it provides technology solutions to help small and medium-sized businesses monitor and control their daily expenses in real time, where employees can request all petty cash and custody through the Hollydesk app, which connects all members of the system within the company “stores – financial management – human resources – managers.”
The application allows for quick communication between system members for instant approval, and the finance team confirms settlement operations in a matter of minutes with a few simple clicks through the application.
Employees can access their funds through all banks, digital wallets, and PoS for electronic payment companies like Fawry, and they can also register suppliers, attach invoices, get approvals, and pay suppliers directly from the application.
For his part, Faisal Abdul Salam, the main investor in the latest investment round collected by Hollydesk, we are very happy to participate in driving the growth of the company, especially as it provides digital solutions that fill a gap that many companies in the Middle East and North Africa suffer from, especially small and medium-sized companies.”
Hollydesk solutions help companies better manage their resources efficiently and shorten the cache cycle.
Abdul Salam added, “One of the most important reasons for the success of startups is the extent of harmony and integration of the work team, as well as the strength of their belief in the idea of their project, which we felt from the Hollydesk team, and encouraged us to invest and support them.”
According to Moussa, the company has been able to expand its solutions and services to include more 3000 clients from a variety of industries, including building, construction, and delivery, as well as startups and NGOs.