Swypex, which has been granted a licence by the Central Bank of Egypt, launch a $4 million initial funding round headed by the well-known venture capital firm Accel, Swypex. is the first all-inclusive platform created to do away with financial inefficiencies and maximise 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.
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It unifies smart corporate cards, invoicing administration, and payments onto a single platform. Their tools make financial management easier, enabling companies to easily automate financial processes and process payments. Swypex’s business cards are made especially for Egyptian companies, with the goal of cutting expenses, improving operational effectiveness, and enabling scalable expansion.
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3.8 million firms are currently having difficulty navigating complicated and restrictive banking systems, according to the UNDP. Both SMEs and corporates have experienced less financial visibility and control as a result of having to employ numerous disconnected processes to manage their finances, which has resulted in ineffective financial operations. Employee fraud is also an expensive problem for firms, costing them 5% of their annual income on average.
The CBE has launched a flurry of programmes and legislation in recent years to move businesses away from cash and onto digital payment rails in an effort to solve these challenges. These are now taking effect and giving financial innovation further advantages.
“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.”
About Swypex
Swypex gives you the ability to easily access working capital, manage invoices more efficiently, and make payments. It also gives you insight into and control over your company’s financial situation. Swypex streamlines your company’s finances so you may concentrate on expansion.
