{"id":619648,"date":"2024-05-08T00:00:00","date_gmt":"2024-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/swypex-launches-its-services-after-raising-usd-4-mn-in-seed-funding\/"},"modified":"2024-05-08T00:00:00","modified_gmt":"2024-05-08T00:00:00","slug":"swypex-launches-its-services-after-raising-usd-4-mn-in-seed-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/swypex-launches-its-services-after-raising-usd-4-mn-in-seed-funding\/","title":{"rendered":"Swypex launches its services after raising USD 4 mn in seed funding"},"content":{"rendered":"

Swypex raises USD 4 mn in seed round:<\/strong> 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)<\/a>. The US-based VC firm Accel<\/a> led the round \u2014 making its first fintech investment in the region \u2014 which saw participation from Egypt\u2019s Foundation Ventures<\/a> and Africa-focussed VC firm The Raba Partnership<\/a>, along with other angel investors.<\/p>\n

Where the money will go: <\/strong>Swypex will look to grow its business by expanding its staff and rolling out new products, Swypex CEO Ahmed Mokhtar (LinkedIn<\/a>) told Enterprise.<\/p>\n

About Swypex:<\/strong> 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.<\/p>\n

The platform aims to provide a hassle-free solution for common problems businesses <\/strong>face, <\/strong>including \u201cdifficulty making payments at scale, inefficient expense management, complex invoicing processes, and fragmented financial workflows,\u201d Mokhtar added.<\/p>\n

What they said: <\/strong>\u201cThis 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,\u201d Mokhtar told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swypex will use the funds to expand its staff and roll out new products, the company\u2019s CEO told us<\/p>\n","protected":false},"author":1,"featured_media":619649,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,183,95,123,8574],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-startup-watch","tag-startups","tag-swypex","wpautop","entry"],"acf":{"mongo_id":"f2763152-54ad-4180-b9d5-1ae758f7a666","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/456.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Swypex launches its services after raising USD 4 mn in seed funding","related_issue":[619639],"teaser":"Swypex will use the funds to expand its staff and roll out new products, the company\u2019s CEO told us","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b7fc7759-cf2a-449d-807c-9fa229fa5c64.mp3"},"yoast_head":"\nSwypex launches its services after raising USD 4 mn in seed funding - 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PLUS: Visa + Swypex, BP, Lasirena Group + HE Holding","author":"enterpriseam admin","date":"3 December 2024","format":false,"excerpt":"The waste will be treated to produce alternative fuel and organic fertilizer","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1836.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619689,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/this-evening-non-oil-private-sector-activity-slows-again-in-april\/","url_meta":{"origin":619648,"position":1},"title":"THIS EVENING: Non-oil private sector activity slows again in April","author":"enterpriseam admin","date":"8 May 2024","format":false,"excerpt":"Good afternoon, wonderful people. 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PLUS: Acacia invests in Kenyan startup Tappi, Saudi\u2019s CoreVision acquires VeFund","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2735.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590372,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/18\/fintech-player-flash-closes-usd-6-mn-seed-round\/","url_meta":{"origin":619648,"position":3},"title":"Fintech player Flash closes USD 6 mn seed round","author":"enterpriseam admin","date":"18 July 2023","format":false,"excerpt":"Flash will use the funds to accelerate its product development","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/616.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591476,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/egyptian-led-fintech-startup-tribal-credit-raises-usd-5-5-mn-seed-round\/","url_meta":{"origin":619648,"position":4},"title":"Egyptian-led fintech startup Tribal Credit raises USD 5.5 mn seed round","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"STARTUP WATCH- Tribal Credit raises USD 5.5 mn seed round: Tribal Credit, a Silicon Valley-based fintech startup co-founded by Egyptian entrepreneurs Amr Shady and Mohamed Elkasstawi, has raised USD 5.5 mn in a seed funding round led by BECO Capital and Global Ventures, according to an emailed statement (pdf). The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555643,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/venturesouq-launches-usd-50-mn-mena-fintech-fund\/","url_meta":{"origin":619648,"position":5},"title":"VentureSouq launches USD 50 mn MENA fintech fund","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"Dubai-headquartered Venture capital firm VentureSouq has formally launched a USD 50 mn fintech fund that has already made several investments in Egyptian startups this year, it said in a statement (pdf). The MENA Fintech Fund I has deployed capital in Egyptian digital trucking platform Trella, which this year closed a\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/546.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619648"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619648\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619649"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619648"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619648"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}