Topics
recent
AI
Amazon
Image Credits:Swypex
Apps
Biotech & Health
Climate
Image Credits:Swypex
Cloud Computing
Commerce
Crypto
Image Credits:Swypex
endeavor
EVs
Fintech
Fundraising
gadget
Gaming
Government & Policy
ironware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
Space
inauguration
TikTok
transferral
Venture
More from TechCrunch
effect
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
card are gain ground in Egypt , withover 30 millionin circulation ( prepaid cards , peculiarly , are seeing more use than debit and credit identity card blend ) . This billow in card utilisation , about 14 % in the last four years , is in the first place due to the incentives introduced by fintech companies and bank , attract millions of Egyptian consumers who antecedently relied principally on cash for their transactions .
The acceptation of corporate cards tells a unlike story . business of all sizes have hesitated to encompass corporate cards because of modified access and short spending control over their usage .
Traditionally , banks have been the primary provider of bodied calling card across the country ; however , fintech companies are now get in the shot to boost espousal . Swypex , one such fintech that ’s offer embodied identity card and management tools for business , raised $ 4 million , which it will use to elaborate its business and technical capableness of its program .
Around 3.8 million businesses in Egypt facechallenges with complicated and set fiscal systems , consort to a UNDP report . Like many across Africa , these businesses are using multiple disconnected method to handle their cash in hand , causing inefficiency . Employee fraud is also a problem , with businesses misplace an average of 5 % of their revenues yearly to fallacious activities that often arise from hard currency transactions like plus misappropriation and fiscal misreporting .
Gearing up for launch
Yet , there are significant tailwind from a regulative position ; for instance , Egypt ’s apex bank , the Central Bank of Egypt ( CBE ) , launched go-ahead such as the Instant Payment internet ( IPN ) to reduce John Cash - based transaction and encourage digital payments .
Several fintechs in Egypt , including Swypex , are leveraging such initiative to launch necessary fiscal services while adhering to the central bank ’s road map . CEOAhmad Mokhtarexplained that the startup , founded in other 2022 but only egress from stealth mode now , dedicated its first year to acquiring all-important licenses , ensuring regulatory compliance , and collaborating with defrayment processor and bank building patron . Swypex then rolled out the beta version to 100 customers last December .
“ We talk to hundreds of different businesses , from startups to SMEs to large corporations , enterprises , and publicly list companies , to understand what their challenges were at different stages , ” said Mokhtar , who launched the inauguration withTarek Mokhtar(CPO ) andSasan Hezarkhani(CTO ) , on the job Swypex is harness . “ We bring in there were specific pain share that have n’t been meet for the last 10 or two , like businesses predominantly using cash and losing visibility over their money or using banking services that were a little snatch primitive , so they had to visit the banks a lot to contract forcible papers and document to get things moving for their businesses . ”
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
All-in-one financial management platform
Mokhtar said Swypex provides businesses with an “ unlimited ” number of corporate cards for their employees . The platform enables these businesses to set smart control to manage disbursal , such as dress unlike limit and specifying exercise permission for ATM detachment and on-line transactions . After transactions , employees can upload receipts , account and spend detail , which are consolidated into a centralized splasher with integrated data from the government activity ’s e - invoicing platform . In addition to ERP and account statement software package integrations , Swypex offers businesses a aerodynamic and comprehensive overview of all expenses and pass in a single location .
“ Businesses using our platform can see analytics around the distribution of spend on each department , merchant , individual and class level , ” said CPO Tarek Mokhtar . “ We also categorise all the expenses on the platform to give profound insight into a business ’s fiscal health and each line token , which will help businesses make more data - drive decisions based on the real - prison term visibleness we provide them with . ”
Swypex ’s competition in the corporate wit space across Africa includes YC - backed company like Boya and Bujeti . In Egypt , it ’s cant such as HSBC and National Bank . Mokhtar debate that Swypex is a better choice for business because it allows for more customization in its offerings and provides a broader range of feature of speech and service , including unlimited card issuance and advanced controls . “ Our focus on things like substance abuser experience and instantaneous dominance over these cards like blocking them , and having all of that mechanization build in , is fundamentally new to the market , ” the CEO say .
The two - year - old all - in - one fiscal management platform , which tender business organisation its first three card for free , beget revenue from reciprocation fees , floats and FX markups .
Corporate card surge in coming years?
Accel , the storied venture capital business firm progress to its first fintech investment across the MENA neighborhood ( though it has backed an African money transfer app ) , led the $ 4 million seed round in Swypex . Investors who participated in the cycle include Foundation Ventures , The Raba Partnership , and other holy man investors .
It ’s significant for a inauguration just come forth from beta only after a few month , especially in a ambitious funding mood where traction and receipts are priorities . But there are good ground why it pull investment even before its official launching : Swypex ’s potential drop to address a sizable market ( it ’s targeting a portion of the card and defrayal food market worthover $ 10 billionand anticipate to arise at a 10 % CAGR over the next three age ) , as highlighted by Mokhtar , along with the founders ’ backcloth in developing products at scale for global society like Twitter , PlayStation and Spotify .
“ As the payments distance continues to digitize , the chance to provide modernistic fintech products to Egyptian business has become even more significant , ” say Richard Kotite , vice President of the United States at Accel , in a statement . “ Ahmad , Tarek and Sasan have spotted a crack in the market for a comprehensive B2B answer that direct many of the key hurting point businesses regularly confront while ram a step - change in efficiency . We see a real chance for Swypex to become a fintech whizz across the Middle East . The team is technically experienced and extremely ambitious , and we are captivated to be link up them on this journeying . ”
