Egypt’s fintech startup, Swypex has raised a $4 million seed investment round, to help it become the first comprehensive platform designed to eliminate financial inefficiencies and unlock a business’s full potential.
The round was led by Accel with participation from Foundation Ventures, The Raba Partnership, among others.
Licensed by the Central Bank of Egypt, Swypex consolidates payments, invoice management, and smart corporate cards on a unified platform to empower businesses to automate financial workflows and make payments with ease.
In a statement, Ahmad Mokhtar, CEO of Swypex, said,“By empowering businesses with the most powerful corporate card in Egypt, paired with our all-in-one financial platform, we will help businesses simplify their financial operations and improve their financial health. Swypex is the first and last platform a finance team needs. We’re excited to partner with Accel, Foundation Ventures, and Raba to make this vision a reality, and we look forward to continuing this journey.”
According to the UNDP, 3.8 million businesses are currently struggling with complex and rigid financial systems. Forced to use multiple disjointed processes to manage their finances, SMEs and corporates alike have suffered from reduced financial visibility and control, leading to inefficient financial processes. Additionally, employee fraud is a costly issue, with businesses averaging a 5% revenue loss annually. To overcome these obstacles, the last few years have seen the CBE launch a wave of regulations and initiatives to transition businesses away from cash and onto digital payment rails. These are now coming into force and providing additional tailwinds for financial innovation.
“As the payments space continues to digitise, the opportunity to provide modern fintech products to Egyptian businesses has become even more important,” says Richard Kotite, Vice President at Accel. “Ahmad, Tarek, and Sasan have spotted a gap in the market for a comprehensive B2B solution that addresses many of the key pain points businesses regularly face while driving a step-change in efficiency. We see a real opportunity for Swypex to become a fintech champion across the Middle East. The team is technically experienced and highly ambitious, and we are delighted to be joining them on this journey.”
Combining their strong technical backgrounds, Swypex founders Ahmad Mokhtar, CEO (ex-Playstation), Tarek Mokhtar, CPO (ex-Spotify), and Sasan Hezarkhani, CTO (ex-Twitter), set out to redefine financial management and become a business’s competitive advantage. Swypex offers a unified and intuitive financial platform that scales with each business, saving them time and money.
Egyptian businesses can open a Swypex account today and get three free cards.