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Tag: Swypex

  • Innovative corporate cards: Swypex, Visa modernise business payments in Egypt

    Innovative corporate cards: Swypex, Visa modernise business payments in Egypt

    Swypex and Visa launched their partnership on Monday, which will transform business payments in Egypt. This alliance is more than just a commercial agreement; it’s a big step towards modernising the financial environment for small businesses.

    In a country where many businesses still rely on traditional banking methods, this partnership aims to provide innovative solutions that simplify financial management and enhance efficiency. 

    Ahmad Mokhtar, the CEO of Swypex, expressed his excitement about this venture, stating, “This partnership is set to redefine financial management for Egyptian businesses.”

    Together, Swypex and Visa are poised to empower businesses and help them thrive in an increasingly competitive environment.

    Read also: Tranglo expands to Africa, brings cross-border payments to 7 nations

    Empowering Egyptian businesses

    The partnership will introduce smart corporate cards offering real-time visibility and transaction control. These cards are designed to meet the specific needs of Egyptian businesses, providing them with tools that enhance their operational efficiency. 

    Mokhtar explained the importance of this initiative, saying, “We are committed to enhancing financial inclusion and supporting businesses in their growth journey.” The focus on scalability and security will allow companies to manage expenses effectively while reducing the complexities associated with traditional banking.

    Features of the new payment system

    Swypex’s corporate cards will enable users to:

    • Monitor transactions instantly.
    • Set customisable spending limits to prevent misuse.
    • Access dedicated support for any inquiries.

    Read also: AfriGO, OPay’s alliance to transform Nigeria’s digital payment ecosystem

    These features simplify business operations and empower companies to make informed financial decisions. As Mokhtar highlighted, “Our goal is to provide businesses with the tools they need to succeed in today’s fast-paced market.” 

    This partnership marks a significant step towards modernising Egypt’s financial landscape, making it easier for businesses to thrive and adapt in a competitive environment.

    Swypex’s collaboration with Visa promises to transform how businesses in Egypt manage their finances. By leveraging innovative technology and a customer-centric approach, this partnership aims to create a more inclusive and efficient financial ecosystem that supports growth and development across the country.

  • Egyptian startup, Swypex unveils financial services platform for businesses

    Egyptian startup, Swypex unveils financial services platform for businesses

    Swypex, an Egyptian fintech startup, has recently launched its all-in-one financial services platform for businesses following a successful $4 million seed investment round. 

    The renowned venture capital fund Accel led the investment, which is making its first fintech investment in the region.

    Egyptian businesses face several challenges when it comes to financial management. Many rely on multiple disconnected methods to handle their finances, leading to inefficiencies. Additionally, employee fraud remains a concern, with businesses losing an average of 5% of their revenues yearly due to fraudulent activities related to cash transactions. Traditional banking services have limitations, and businesses have hesitated to embrace corporate cards due to limited access and inadequate spending controls.

    Read also: Madica launches grant support program for African startups

    Swypex offers integrated finance

    Swypex aims to address these pain points by providing an integrated financial platform that simplifies financial workflows and enhances efficiency. Here are the key features of Swypex:

    All-in-One Financial Dashboard: Swypex offers businesses an **instant view** of their financial health through a comprehensive dashboard. From payments to invoices, everything is accessible in one place.

    Smart Corporate Cards: Swypex provides powerful corporate cards explicitly designed for Egyptian businesses. These cards offer **enhanced spending controls**, allowing companies to manage expenses effectively.

    Seamless Integrations: Swypex seamlessly integrates with existing financial systems and accounting software. Businesses can connect their data effortlessly, streamlining processes.

    Swypex obtains funding

    Swypex secured a $4 million seed investment to fuel its launch and expansion. Accel, a global venture capital firm, recognised the potential of Swypex’s platform and led the funding round. Other investors include Foundation Ventures, The Raba Partnership, and prominent angel investors.

    Ahmad Mokhtar, CEO of Swypex, expressed the company’s vision: “Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve.” Swypex aims to simplify financial operations and improve businesses’ overall financial health by combining corporate cards with an all-in-one financial platform. The platform caters to startups, SMEs, large corporations, and publicly listed companies, ensuring all businesses benefit from its services.

    Read also: Thepeer closure sparks concerns among investors

    Swypex operates in an environment with regulatory support. Egypt’s Central Bank (CBE) has launched initiatives like the Instant Payment Network (IPN) to reduce cash-based transactions and encourage digital payments. Fintech companies like Swypex leverage these initiatives while adhering to the central bank’s guidelines.

    Richard Kotite, Vice President at Accel, emphasised the importance of providing modern fintech products to Egyptian businesses. He praised Swypex’s founders for identifying a gap in the market and creating a comprehensive B2B solution. Accel sees Swypex as a potential fintech champion across the Middle East and is excited to support the company’s journey.

    Swypex’s launch represents a significant step toward transforming financial management for Egyptian businesses. With its innovative platform, Swypex aims to empower companies, enhance efficiency, and drive growth in the Egyptian market.