Egyptian fintech, Swypex, has successfully closed a $4 million seed funding round. With two years of operation under its belt, Swypex specializes in corporate cards and management tools for businesses. Swypex plans to utilize the newly acquired capital to enhance both the business and technical capabilities of its platform.
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The investment was spearheaded by Accel, a prominent venture capital firm based in the United States, with contributions from Foundation Ventures, The Raba Partnership, and several angel investors.
In Egypt, card usage has increased by 14% in the past four years, driven by incentives from banks and fintech startups. While personal card adoption is rising, corporate card usage is declining due to limited access and spending controls. Fintech companies like Swypex are entering the market to increase corporate card adoption rates, challenging the dominance of traditional banks.
Ahmad Mokhtar, CEO of Swypex, attributed the company’s emerging prominence to meticulous groundwork laid during its inaugural year, focusing on acquiring operational licenses, regulatory compliance, and forging partnerships with payment processors and bank sponsors. Following a rigorous beta testing phase with 100 customers in December 2023, Swypex officially rolled out its services.
The platform enables employees to upload transaction details, receipts, and invoices, facilitating seamless expense management. Furthermore, Swypex integrates with enterprise resource planning (ERP) and accounting software, providing businesses with comprehensive oversight of their financial activities.
In Egypt, Swypex competes with established banking institutions like HSBC and National Bank, while on a broader scale across Africa, it contends with innovative startups such as Boya and Bujeti. Swypex adopts a revenue model based on interchange fees, floats, and foreign exchange (FX) markups, offering businesses their initial three cards free of charge.
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