The Raba Partnership, Foundation Ventures, angel investors, and venture capital firm Accel led the $4 million Seed investment round that Egypt-based fintech Swypex received. The B2B all-in-one financial management platform Swypex was established in 2022 by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani. It combines invoicing, payment processing, and smart business cards. Swypex, a comprehensive platform created to remove financial inefficiencies, will begin operations in the Egyptian market following the conclusion of the Seed round and the acquisition of the CBE license.
After a $4 million initial funding round headed by the well-known venture capital firm Accel, Swypex announced its launch. Swypex, which has been granted a license by the Central Bank of Egypt, is the first all-inclusive platform created to do away with financial inefficiencies and maximize a company’s potential. Accel’s first fintech investment in the area is this one. Leading angel investors in the sector as well as Foundation Ventures and The Raba Partnership participated in the investment.
Swypex unifies smart corporate cards, invoicing administration, and payments onto a single platform. Their tools make financial management easier, enabling companies to easily automate financial processes and process payments. Swypex’s business cards are made especially for Egyptian companies, with the goal of cutting expenses, improving operational effectiveness, and enabling scalable expansion.
3.8 million firms are currently having difficulty navigating complicated and restrictive banking systems, according to the UNDP. Both SMEs and corporates have experienced less financial visibility and control as a result of having to employ numerous disconnected processes to manage their finances, which has resulted in ineffective financial operations. Employee fraud is also an expensive problem for firms, costing them 5% of their annual income on average. The CBE has launched a flurry of programs and legislation in recent years to move businesses away from cash and onto digital payment rails in an effort to solve these challenges. These are now taking effect and giving financial innovation further advantages.
“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” said Ahmad Mokhtar, CEO of Swypex. “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.”
“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.”
Read More: Click More
