Nexta, an Egyptian fintech startup, has secured $2.2 million pre-seed funding led by Disruptech with the participation of key international backers.
Founded by Ibrahim Farag and Ahmed Hisham in 2021, Nexta aims to simplify money management for everyone and it is always looking to make money tasks simple, fast, and affordable, with an evolving suite of tools and features to be added along the way. The startup has partnerships with Visa and one of the largest state-owned banks in Egypt and Africa.
Nexta will be able to utilise its newly acquired funds to launch its much anticipated digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships.
Ibrahim Farag, Nexta’s CEO, remarks: “We are proud to secure the trust of the CBE and Visa, and this is only the beginning. 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, Nexta’s Managing Director, comments: “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. Our partnership with Visa allows for exchanging expertise and penetrating an upcoming market.”
Malak ElBaba, Egypt Country Manager at Visa, added “We are delighted with such partnership as it aligns with our strategy to backing Fintech as the enablers for financial inclusion. Nexta needed a partner that was committed to supporting their breakthrough into the market and delivering something truly distinctive. That’s where Visa is able to support with its global network capabilities and cross-market expertise.
Mohamed Okasha, Managing Partner at Disruptech concluded, “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.”
