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Egypt’s Swypex raises $4 million seed from Accel for its company playing cards platform

Egypt’s Swypex raises $4 million seed from Accel for its company playing cards platform 

Egyptian fintech Swypex has raised $4 million in a seed spherical led by international VC Accel, it introduced in an announcement right now. It’s the first fintech funding by Accel within the Center East & North Africa. The agency has beforehand invested in Instabug, which is its solely different portfolio firm in Egypt.

The spherical additionally included participation from Basis Ventures, The Raba Partnership, and some angel traders.

Swypex was based in 2022 by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, who beforehand labored at PlayStation, Spotify, and X (previously Twitter), and has come out of stealth right now with the announcement of this funding spherical and its launch.

Its platform, the startup stated, consolidates funds, bill administration, and (pay as you go) company playing cards, to make monetary administration and enterprise funds simpler for companies. The startup affords companies to create limitless playing cards for his or her staff, with the primary three playing cards free of charge. Swypex additionally doesn’t cost customers any subscription payment.

Aside from subscriptions, startups offering company playing cards primarily generate profits by means of interchange charges, which is probably going Swypex’s sole income stream in the intervening time.

The providers supplied by Swypex can be utilized by any firm in Egypt that has a legitimate license (business registration), Tax ID, and articles of incorporation. The startup is licensed by the Central Financial institution of Egypt and has Mashreq as its accomplice financial institution (the place the cash for the account holders is held).

In response to its web site, Swypex additionally affords its customers as much as EGP 5 million of rewards on AWS, Google Adverts, Dropbox, and completely different different digital providers.

Ahmad Mokhtar, the co-founder and CEO of Swypex, commenting on the event stated that they’ve constructed their providing to present Egyptian companies a aggressive edge, “offering them with the effectivity and progress they deserve.

“By empowering companies with essentially the most highly effective company card in Egypt, paired with our all-in-one monetary platform, we are going to assist companies simplify their monetary operations and enhance their monetary well being. Swypex is the primary and final platform a finance crew wants,” he added.

Richard Kotite, Vice President at Accel, stated, “Because the funds area continues to digitize, the chance to offer trendy fintech merchandise to Egyptian companies has grow to be much more vital. Ahmad, Tarek, and Sasan have noticed a spot out there for a complete B2B answer that addresses lots of the key ache factors companies often face whereas driving a step-change in effectivity.”

“We see an actual alternative for Swypex to grow to be a fintech champion throughout the Center East. The crew is technically skilled and extremely formidable, and we’re delighted to be becoming a member of them on this journey,” he added.

The startup plans to make use of the funds to additional improve their merchandise and speed up progress.

The opposite notable company playing cards platforms within the area embrace UAE-based Pluto, Qashio, and Alaan.

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