Swypex has secured a $4 million seed investment round, led by the renowned venture capital fund Accel.
Egyptian fintech Swypex has launched its all-in-one platform propelled by a $4 million investment in a Seed round led by Accel, with participation from Foundation Ventures, The Raba Partnership, and industry-leading angel investors.
Swypex focuses on corporate financial management, offering payments, invoice management, access to working capital, and smart corporate card services on a unified platform. The startup has secured a license from the Central Bank of Egypt, in partnership with Visa and Mashreq Bank.
“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.”
Ahmad Mokhtar, CEO of Swypex
Richard Kotite, Vice President at Accel, commented on the firm’s first fintech investment in the region. He noted that Swypex founders not only identified a critical need for a holistic B2B financial solution addressing several major challenges faced by local businesses but also have both technical expertise and an ambitious vision to respond to this challenge.
Egypt’s financial landscape is bustling and diverse. You can also check the offerings from the dynamically growing payment gateways in Egypt and leading insurtech providers in the country.
