Grace Ashiru
Swypex, an Egyptian startup, has launched its comprehensive financial services platform for businesses after securing $4 million in a seed investment round. This funding round was led by Accel, an international venture capital firm making its inaugural investment in the region’s fintech sector. Other participants in the round included Foundation Ventures, the Raba Partnership, and prominent angel investors.
Swypex offers an all-inclusive financial management platform that provides businesses with immediate access to a financial dashboard, intelligent corporate cards, and seamless integrations with existing financial systems and accounting software. The startup, founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, is licensed by the Central Bank of Egypt.
Swypex consolidates smart corporate cards, invoicing management, and payment processing into a single platform. By utilizing its solutions, organizations can automate financial workflows and efficiently handle payments, thereby simplifying financial management.
Mokhtar, CEO of Swypex, states, “Swypex is designed to provide Egyptian businesses with a competitive edge, ensuring they receive the efficiency and growth they deserve. By equipping businesses with Egypt’s most powerful corporate card, integrated with our comprehensive financial platform, we aim to simplify financial operations and enhance financial health. Swypex is the ultimate platform for any finance team. We are thrilled to collaborate with Accel, Foundation Ventures, and Raba to bring this vision to life, and we eagerly anticipate the continuation of this journey.”
According to Richard Kotite, vice president of Accel, offering modern fintech solutions to Egyptian companies has become increasingly important as the payments industry continues its digital transformation.
Ahmad, Tarek, and Sasan have identified a market gap for a comprehensive B2B solution that addresses numerous key challenges businesses frequently encounter, all while significantly enhancing efficiency. We believe Swypex has the potential to emerge as a leading fintech company in the Middle East. The team is both technically proficient and highly ambitious, and we are thrilled to support them on this journey,” Kotite stated
