Egypt-based Nexta has announced a $3 million investment from e-finance, bringing the total amount raised since its inception last year to $5.2 million. In March of this year, Nexta also received a $2.2 million pre-Seed round headed by Egypt-based fintech startup Disruptech, with participation from global investors.
The newly collected money will be used to “tidy up the business until its formal launch,” which is scheduled for the next weeks.
“The demographics for the Middle East and North Africa region (Mena) offer a huge opportunity for fintech startups such as ours. We are talking about more than 60 per cent of the population being under the age of 30, compared to one-third in Europe. The population is also extremely tech-savvy and always ready to embrace new technologies. Egypt is no exception, given that 50 per cent of the population is unbanked, with users not getting the true value for money because the traditional banking process is time and effort-consuming, and complex. That’s why Egypt is an attractive market for Nexta,” says Ahmed Hisham, CEO of Nexta.
A Look At What The Startup Does
Nexta is a lifestyle banking app that was launched in 2021 by Ibrahim Farag and Ahmed Hisham and is supported by a seasoned staff and a visionary board of directors. The fintech supplies customers with prepaid cards, allowing them to transfer payments without the requirement for a bank account, as well as track their spending habits and do better budgeting.
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“Taking into consideration the increase in demand for a change in the way financial services are used, there is a vast number of consumer needs that should be addressed. This is where Nexta steps in with its mission, which is to offer digitally native services that help users keep up with their lifestyles and enable citizens of all backgrounds to attain financial liberty,” Hisham says.
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.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh