Egyptian Fintech Swypex Secures $4 Million Investment Led by Accel

Swypex, an emerging financial management platform headquartered in Egypt, has secured a $4 million seed investment led by Accel, a renowned venture capital firm. This marks a milestone moment for Swypex as it becomes the first comprehensive platform licensed by the Central Bank of Egypt, aimed at addressing financial inefficiencies across businesses. The investment round also saw participation from Foundation Ventures, The Raba Partnership, and notable angel investors, highlighting growing interest in Egypt's fintech sector.

Founded in 2022 by Ahmed Mokhtar, Sasan Hezarkhani, and Tarek Mokhtar, Swypex consolidates payments, invoice management, and corporate cards into a unified platform, offering businesses a streamlined approach to financial management, with an emphasis on simplicity and automation.

“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” Ahmad Mokhtar, CEO of Swypex, tells StartupScene. “By empowering businesses with the most powerful corporate card in Egypt, paired with our all-in-one financial platform, we will help businesses simplify their financial operations and improve their financial health. Swypex is the first and last platform a finance team needs. We’re excited to partner with Accel, Foundation Ventures, and Rabato to make this vision a reality, and we look forward to continuing this journey.”

According to the UNDP, 3.8 million businesses are currently struggling with complex and rigid financial systems. Targeting SMEs that face challenges with outdated systems, Swypex's tailored corporate cards are designed to enhance operational efficiency and reduce reliance on cash expenses.