Nexta is planning on utilising their newly secured funds in order to launch the entirety of their digital banking pursuits as well as potentially expand further into the fintech market.
Post successfully meeting all CBE prerequisites, Egyptian fintech and banking intermediary Nexta has just landed a $2.2 million pre-seed backed by a conglomerate of standout international investors, including fintech veterans and entrepreneurial investment professionals - Disruptech.
Established with the intent of refining the way banking user interfaces function amongst all Egyptian households, Nexta’s ‘next-generation banking’ venture facilitates a more tangible and user-friendly banking system most commonly referred to as ‘lifestyle banking’. Nexta collated users’ pre-existing payment cards and offers in-app features that allow for easy and reliable money transfers amongst a collection of more features in the works.
“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.” says Disruptech’s Managing Partner, Mohamed Okasha.
When asked about the trials of navigating these highly competitive markets, Ibrahim Farag co-founder of Nexta remarked, “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.”
Nexta’s long-term plans include gearing their newly-acquired funds towards launching their digital banking solutions, as well as their ongoing pursuits to further expand within the fintech market.
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