Egypt: Fintech company Swypex raises $4m seed funding
Egypt: Fintech company Swypex raises $4m seed funding
Egypt-based fintech Swypex has raised a $4 million seed investment round, led by VC fund Accel.
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Egypt-based fintech Swypex has raised a $4 million seed investment round, led by venture capital fund Accel, with participation from Foundation Ventures, The Raba Partnership, and angel investors.
Swypex, founded in 2022 by Ahmad Mokhtar, Tarek Mokhtar and Sasan Hezarkhani, is a B2B all-in-one financial management platform that consolidates payments, invoice management, and smart corporate cards.
“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.”
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