Egypt’s Swypex raises $4 million seed from Accel for its corporate cards platform

Egyptian fintech Swypex has raised $4 million in a seed round led by global VC Accel, it announced in a statement today. It is the first fintech investment by Accel in the Middle East & North Africa. The firm has previously invested in Instabug, which is its only other portfolio company in Egypt.

The round also included participation from Foundation Ventures, The Raba Partnership, and a few angel investors.

Swypex was founded in 2022 by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, who previously worked at PlayStation, Spotify, and X (formerly Twitter), and has come out of stealth today with the announcement of this funding round and its launch.

Its platform, the startup said, consolidates payments, invoice management, and (prepaid) corporate cards, to make financial management and business payments easier for businesses. The startup offers businesses to create unlimited cards for their employees, with the first three cards for free. Swypex also does not charge users any subscription fee.

Apart from subscriptions, startups providing corporate cards primarily make money through interchange fees, which is likely Swypex’s sole revenue stream at the moment.

The services offered by Swypex can be used by any company in Egypt that has a valid license (commercial registration), Tax ID, and articles of incorporation. The startup is licensed by the Central Bank of Egypt and has Mashreq as its partner bank (where the money for the account holders is held).

According to its website, Swypex also offers its users up to EGP 5 million of rewards on AWS, Google Ads, Dropbox, and different other digital services.

Ahmad Mokhtar, the co-founder and CEO of Swypex, commenting on the occasion said that they’ve built their offering to give Egyptian businesses a competitive edge, “providing them with the efficiency and growth they deserve.

“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,” he added.

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 important. 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,” he added.

The startup plans to use the funds to further enhance their products and accelerate growth.

The other notable corporate cards platforms in the region include UAE-based Pluto, Qashio, and Alaan.

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