Egyptian startup, Swypex, has unveiled the rollout of its comprehensive financial services platform for businesses fueled by a $4 million seed investment round led by the prominent venture capital firm, Accel.
The funding round also saw contributions from Foundation Ventures, The Raba Partnership, and notable angel investors within the industry.
Founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, and licensed by the Central Bank of Egypt, Swypex is an all-encompassing financial management solution. It offers businesses immediate access to a financial dashboard, intelligent corporate cards, and effortless integrations with current financial systems and accounting software.
Positioning itself as a pioneering comprehensive platform aimed at eradicating financial inefficiencies and unleashing a business’s complete capabilities, Swypex merges payments, invoice management, and intelligent corporate cards onto a single platform. Its suite of products streamlines financial management enabling businesses to automate financial processes and conduct payments effortlessly.
“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” said 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.”
Richard Kotite, Vice President at Accel, said that as the payments space continues to digitise, 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 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,” he said.
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