Egypt-based fintech Hollydesk,an expense management platform has raised $1 million in venture debt financing from unknown investors to help small and medium-sized businesses (SMBs) in the country manage and track their daily expenses
The funding will be used to expand Hollydesk’s offerings and reach more companies needing efficient expense management solutions.
Founded in 2020 by Mahmoud Moussa, Hollydesk provides a suite of tools that allow companies to easily track and manage expenses, automate approval workflows, and generate reports to analyze spending patterns.
The company claims to have already helped hundreds of companies save time, reduce fraud, and manage their expenses more effectively.
In 2022 alone, companies using Hollydesk spent EGP130 million through the platform.
“Our mission is to help small and medium-sized businesses focus on what they do best by streamlining their expense management processes. With this new funding, we can expand our reach and help even more companies across Egypt,” said Mahmoud Moussa, CEO of Hollydesk.
Hollydesk’s platform is designed to be user-friendly and easy to use, even for non-tech-savvy users. It offers features such as receipt scanning and real-time expense tracking. By using Hollydesk, businesses can save time and reduce the risk of errors or fraud in their expense reporting.
“We are excited to support Hollydesk in their mission to help SMBs in Egypt manage their daily expenses,” said the venture debt provider. “Hollydesk’s innovative approach to expense management has already helped many companies save time and money, and we believe they have the potential to make an even bigger impact as they expand their offerings.”