The renowned venture capital firm Accel led a $4 million seed investment round that culminated in the announcement of Swypex’s launch. Swypex, which has been granted a license by the Central Bank of Egypt, is the first all-inclusive platform created to do away with financial inefficiencies and maximize a company’s potential. Accel’s first fintech investment in the area is this one. Leading angel investors in the sector as well as Foundation Ventures and The Raba Partnership participated in the investment.
Swypex provides a single platform for managing invoices, payments, and smart business cards. Their solutions make financial management easier, enabling companies to easily process payments and automate financial processes. The purpose of Swypex’s corporate cards is to lower expenses, improve operational effectiveness, and enable scalable growth for Egyptian businesses.
The UNDP estimates that 3.8 million businesses are currently having difficulty navigating complicated and restrictive financial systems. SMEs and corporates alike have suffered from decreased financial visibility and control, resulting in inefficient financial processes, as a result of being forced to use numerous disconnected processes to manage their finances. Furthermore, firms lose 5% of their revenue on average each year due to employee fraud, making it an expensive problem. In order to get around these challenges, the CBE has been implementing rules and programs for the past few years that force businesses to switch from accepting cash payments to accepting digital ones. These are starting to take effect and are giving financial innovation more benefits.
“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.”
The founders of Swypex, Ahmad Mokhtar (ex-Playstation), Tarek Mokhtar (ex-Spotify), and Sasan Hezarkhani (ex-Twitter), combined their strong technical backgrounds to redefine financial management and make it a competitive advantage for businesses. Businesses can save time and money with Swypex’s financial platform, which is unified and easy to use, and scales with them.
Businesses in Egypt can sign up for a Swypex account and receive three free cards right now.
