Egypt-based Swypex, a startup financial management software, has secured $4 million in preliminary funding led by a venture capital company, Accel.
Ahmad Mokhtar, CEO of Swypex, confirmed the funding in a statement seen by Newsng on Tuesday.
Prominent investors like Foundation Ventures, The Raba Partnership, and a group of top angel investors in the sector joined Accel on this funding as per the company’s statement.
Swypex, launched in 2022, debuted in the market aligns with the Central Bank of Egypt’s (CBE) initiative to promote digital payments and lessen cash-based transactions.
The fintech is positioned for effective expansion thanks to the $4 million funding and the founders’ background creating products for major international internet companies like Twitter and PlayStation.
Newsng gathered that the company aims to capture a portion of the over $10 billion card and payments market in Egypt, which is projected to grow at a rate of 10% per year over the next three years.
By emphasising user experience, sophisticated spending limits, and data-driven insights, Swypex aims to upend Egypt’s business card market and possibly establish itself as the region’s preeminent provider.
“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” said Mokhtar.
Vice President at Accel Richard Kotite reinforced this idea, highlighting the offering from Swypex’s strategic importance: “As the payments space continues to digitize, the opportunity to provide modern fintech products to Egyptian businesses has become even more important.
“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 earlier reported that Madica, an African structured investment programme targeting pre-seed stage entrepreneurs, revealed its plans to invest in up to 10 ventures by the end of the year, ramping up its funding efforts after closing three initial deals.
