Following compliance with all CBE regulations and standards, Egypt-based fintech and next-generation banking platform Nexta is set to launch, backed by a $2.2 million fundraising round. Disruptech led the pre-Seed round, which included significant international funders.
“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,” Ibrahim Farag, Nexta’s CEO, said.
Nexta will be able to use the capital it has raised to deploy its highly awaited digital banking solutions, as well as to continue its market expansion and strategic alliances.
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Why The Investors Invested
“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,” Mohamed Okasha, Managing Partner at Disruptech said.
“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,” Malak ElBaba, Egypt Country Manager at Visa, said.
A Look At What The Startup Does
Nexta, founded in 2021 by Ibrahim Farag and Ahmed Hisham and backed by a seasoned team and a visionary board of directors, is a “next-generation banking” platform that allows users to transfer money and aggregate their existing payment cards into one Nexta card.
“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,” Ahmed Hisham, Nexta’s Managing Director, said.
Nexta, Egypt’s financial disruptor, aims to revolutionize the concept of user experience for all digital natives and their households. By introducing “next-generation banking,” Nexta aims to improve Egyptians’ daily lives by providing what is referred to as “lifestyle banking.” This is coupled with an unmatched digital experience. A Nexta card will consolidate users’ existing payment cards, enable simple and reliable money transfers, and include a slew of other capabilities.
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Following the establishment of a strong cooperation with Visa, the world leader in digital payments, and the establishment of a partnership with one of Egypt’s largest state-owned banks.
The Egyptian fintech company strives to be at the forefront of a competitive and healthy market.
Nexta card Nexta card
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer