EGYPT – Swypex, a fintech startup, has launched its all-in-one financial services platform for businesses following a US$4 million seed investment round led by venture capital fund Accel.
The US$4 million seed round was led by global venture capital firm Accel, which is making its first fintech investment in the region. It also included participation from Foundation Ventures, The Raba Partnership, and industry-leading angel investors.
Swypex was founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani and is licensed by the Central Bank of Egypt.
It is an all-in-one financial management platform that provides businesses instant access to a financial dashboard, smart corporate cards, and seamless integrations with existing financial systems and accounting software.
Claiming to be the first comprehensive platform designed to eliminate financial inefficiencies and unlock a business’s full potential. Swypex consolidates payments, invoice management, and smart corporate cards on a unified platform.
Its products simplify financial management, empowering businesses to automate financial workflows and easily make payments.
“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 as the payments space continues to digitize, the opportunity to provide modern fintech products to Egyptian businesses has become even more critical.
“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,” he said.
“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 join them on this journey.”
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