Nexta, an Egyptian fintech startup, has raised $2.2 million in a pre-seed round
Following the completion of all Central Bank of Egypt (CBE) requirements and the receipt of a US$2.2 million pre-seed funding round, Egyptian fintech and next-generation banking startup Nexta is set to begin operations.
Nexta, founded in 2021 by Ibrahim Farag and Ahmed Hisham, is a digital bank that aims to improve Egyptians’ daily lives by providing “lifestyle banking.” A Nexta card, in addition to providing an unparalleled digital experience, aggregates a user’s existing payment cards and allows for money transfer, with a slew of other features to follow.
The US$2.2 million pre-seed funding round was led by Disruptech, with participation from key international backers, while Nexta also announced a partnership with Visa, as well as a partnership with the CBE, one of Egypt’s and Africa’s largest state-owned banks.
“We are honored to have earned the CBE and Visa’s trust, and this is just the beginning.” This market is shaping up to be extremely competitive. We are eagerly awaiting the formal announcement of the EKYC and Digital Banking Guidelines in order to be among the first applicants. “This is a huge market, and we’re at the forefront,” said Farag.
Malak ElBaba, Visa’s Egypt country manager, said he was “delighted” to partner with Nexta because it aligned with the company’s strategy of supporting fintech startups as enablers of financial inclusion.
“Nexta needed a partner who was committed to assisting them in breaking into the market and delivering something truly unique.” “This is where Visa’s global network capabilities and cross-market expertise can help,” he said.
