Cairo-based fintech startup XPay has raised $250,000 in pre-seed funding from two angel investors, the startup announced today in a statement to MENAbytes. XPay that is part of Startupbootcamp Fintech Cairo’s first cohort had previously raised an investment from EFG EV Fintech as well which is a Fintech-focused accelerator in Egypt.
Founded last year by Dr. Mohamed AbdelMottaleb, XPay empowers communities to go cashless through its community management platform (for communities) and mobile app (for the consumers). The startup enables universities, schools, gyms, social and sports clubs, residential compounds and different other communities to set up their offerings and collect payment online. XPay’s mobile app allows members in these communities to pay in less than a minute using debit/credit cards, mobile wallet, and a cash collection service.
“XPay was established to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living,” said Dr. Mohamed AbdelMottaleb, founder and CEO of XPay, speaking about the platform.
XPay currently has five communities using its services with the app being used by over 18,000 users, Dr. Mohamed told MENAbytes, adding that they’re aiming to have over 200,000 users by the end of this year.
The startup plans to use this latest investment to execute its growth plans and expand its team.
Mahmoud El-Zohairy, Managing Director of EFG EV Fintech, commenting on the occasion, said, “We believe in the evolution of financial services and in empowering and supporting Egypt’s local talent poised to drive the next wave of fintech innovation. XPay is a revolutionary electronic payment solution, backed by a very seasoned founder, that allows closed communities to digitize payments and payment collection while providing community members and management with a variety of value-added services along the way.”
Ahmed Elsherif, Director of Startupbootcamp Fintech Cairo, added, “It is a real pleasure for us to be working with XPay in providing access to an end-to-end suite of financial services and payment facilities for a multitude of communities and verticals within the economy. Mohamed AbdelMottaleb has demonstrated that XPay has the potential to become a key player in Egypt’s financial inclusion; enabling access to financial products that will impact the lives and futures of Egyptians for generations to come.”
XPay was also part of AUC Venture Lab and Womentum’s first cohort.
The article was updated with some more details after our conversation with XPay’s CEO.
Featured image via Womena.
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