Egyptian fintech startup Swypex has emerged from stealth mode, announcing a $4 million seed funding round led by venture capital firm Accel.
Swypex, an all-in-one financial management platform with corporate cards and spending management tools designed specifically for businesses, will leverage the fund to enhance corporate finance in Egypt.
Unlike traditional options, Swypex allows companies to issue an “unlimited” number of cards for employees and set granular spending controls. The platform integrates with the government’s e-invoicing system, providing businesses with a consolidated view of all expenses and spending data.
“We saw a gap in the market for a comprehensive B2B solution,” said Ahmad Mokhtar, CEO of Swypex, who co-founded the company with Tarek Mokhtar (CPO) and Sasan Hezarkhani (CTO). “Businesses were stuck using outdated banking services or relying heavily on cash, leading to inefficiencies and lack of visibility over spending.”
Swypex’s entry into the market coincides with a push by the Central Bank of Egypt (CBE) to reduce cash-based transactions and encourage digital payments. Initiatives like the Instant Payment Network (IPN) have created a favourable environment for fintech companies like Swypex to offer innovative financial solutions.
The $4 million funding, along with the founders’ experience in developing products for global tech giants like Twitter and PlayStation, positions Swypex for efficient growth.
The company is targeting a slice of the Egyptian card and payments market valued at over $10 billion, which is expected to grow 10% annually for the next three years.
With its focus on user experience, advanced spending controls, and data-driven insights, Swypex seeks to disrupt the corporate card industry in Egypt and potentially become the go-to company across the Middle East.
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