Swypex raises USD 4 mn in seed round: Local fintech platform Swypex has announced its launch, after raising USD 4 mn in a seed investment round, the startup said in a statement (pdf). The US-based VC firm Accel led the round — making its first fintech investment in the region — which saw participation from Egypt’s Foundation Ventures and Africa-focussed VC firm The Raba Partnership, along with other angel investors.

Where the money will go: Swypex will look to grow its business by expanding its staff and rolling out new products, Swypex CEO Ahmed Mokhtar (LinkedIn) told Enterprise.

About Swypex: Swypex is an all-in-one financial management platform that allows businesses to digitalize and monitor their transactions. The platform is licensed by the Central Bank of Egypt.

The platform aims to provide a hassle-free solution for common problems businesses face, including “difficulty making payments at scale, inefficient expense management, complex invoicing processes, and fragmented financial workflows,” Mokhtar added.

What they said: “This investment will enable us to continue developing category-defining products and delivering exceptional value to the greatest number of businesses. To achieve this, we are hiring top-tier talent, both locally and globally, to build a world-class team,” Mokhtar told us.

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