Disruptech leads $2.2m investment in Egyptian fintech company
After successfully satisfying all Central Bank of Egypt regulations and requirements, the Egypt-based fintech and next-generation banking platform Nexta is set to debut, powered by its newly secured $2.2 million funding. The pre-seed round was led by Disruptech with the participation of key international backers.
Nexta intends to redefine the meaning of user experience for all digital natives and their households throughout Egypt. Introducing “next-generation banking,” Nexta promises better everyday lives for Egyptians via providing what is known as “lifestyle banking”. A Nexta card will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come.
Nexta has secured a partnership with payments company Visa.
Ibrahim Farag, Nexta’s CEO, remarks, “We are proud to secure the trust of the CBE and Visa, and this is only the beginning. This is shaping up to be a highly competitive market. We await the formal announcement of the EKYC and Digital Banking Guidelines to be one of the early applicants. This is a vast market, and we are leading the wave.”
Ahmed Hisham, Nexta’s managing director, comments, “We at Nexta believe that our competitive edge is further highlighted through the mere fact that we have created a strong team, empowered through its diversity in expertise, backgrounds, and exposure. Nexta pledges to provide a new and wholesome banking experience for numerous market segments and contribute as a significant player to the creation of the Egyptian era of digitisation. Our partnership with Visa allows for exchanging expertise and penetrating an upcoming market.”
Malak ElBaba, Egypt country manager at Visa added, “We are delighted with the partnership as it aligns with our strategy of backing fintech as the enablers for financial inclusion. Nexta needed a partner that was committed to supporting their breakthrough into the market and delivering something truly distinctive. That’s where Visa is able to support with its global network capabilities and cross-market expertise.”
Mohamed Okasha, managing partner at Disruptech, added, “We believe that Egypt is witnessing a complete phase of digital transformation, thanks to the unprecedented support from the CBE. We are confident that Nexta’s strong team is well-positioned to pave the way in innovation with its disruptive offerings.”
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