Egypt-based disruptive fintech startup, Nexta, has secured a $2.2 million funding in its pre-seed round.
The round was led by DisrupTech Ventures – a leading venture capital firm that backs early stage startups- and other international heavyweight financiers.
Nexta is now set to make its debut entrance into Egypt’s fintech space after securing provisional approval from the Central Bank of Egypt.
Nexta is also banking on its relationship with Visa, the largest digital banking platform and a state-owned bank as it prepares for launch.
Its partnership with Visa allows it to leverage Visa’s global network capabilities and introduce state of the art products to its clients.
DisrupTech Ventures Managing Partner, Mohamed El Sayed Okasha notes:
“We believe that Egypt is witnessing a complete phase of digital transformation, thanks to the unprecedented support from the CBE.
We are confident that Nexta’s strong team is well positioned to pave the way in innovation with its disruptive offerings.”
According to Malak ElBaba, Egypt Country Manager, Visa,“We are delighted about this partnership with Nexta as it aligns with our strategy to support Fintech as the enablers for financial inclusion, Nexta needed a partner that was committed to helping them breakthrough in the market and deliver something truly different.
That’s where Visa was able to help with its global network capabilities and cross-market expertise.”
A press release from Nexta explains the functionalities of the fintech, stating that “a Nexta card will aggregate the users’ existing bank accounts, allow for easy and reliable money transfer, and a multitude of other features to come.”
Nexta also promises to “redefine the meaning of user experience for all digital natives and their households throughout Egypt.”
Founder and CEO of Nexta, Ibrahim Farag said, “This is shaping up to be a highly competitive market. We await the formal announcement of the EKYC and Digital Banking Guidelines to be one of the early applicants.This is a vast market, and we are leading the wave.”
Ahmed Hisham, co-founder of Nexta added,
“We at Nexta believe that our competitive edge is further highlighted through the mere fact that we have created a strong team, empowered through its diversity in expertise, backgrounds and exposure.
“Nexta pledges to provide a new and wholesome banking experience for numerous market segments and contribute as a significant player to the creation of the Egyptian era of digitisation.”