Swypex, an Egyptian startup, has announced the debut of its all-in-one financial services platform for businesses, following a $4 million seed investment round.
Leading the seed funding round was the international venture capital firm Accel, which is investing in fintech for the first time in the region. Foundation Ventures, the Raba Partnership, and industry-leading angel investors were among those who participated in the funding round.
Swypex is an all-in-one financial management platform that gives businesses instant access to a financial dashboard, smart corporate cards, and seamless integrations with current financial systems and accounting software. It was founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani and is licensed by the Central Bank of Egypt.
Swypex unifies smart corporate cards, invoicing administration, and payments onto a single platform. With the use of its solutions, organizations may automate financial processes and easily process payments. This makes financial management simpler.
According to Mokhtar, CEO of Swypex, “Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve. 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 Richard Kotite, vice president of Accel, the chance to offer contemporary fintech solutions to Egyptian companies has grown increasingly crucial as the payments industry continues to digitalize.
“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,” Kotite said.
Read more on Tech Gist Africa:
Waffarha, an Egyptian group-buying startup, has raised a seven-figure seed round of funding
Bokra, an Egyptian fintech, has raised $4.6 million in a seed round of funding
Bluworks, an Egyptian HR tech startup, has raised $1 million in a pre-seed funding round