Egyptian Fintech Startup Nexta Raises $3M

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.

Ahmed Hisham, CEO of Nexta.

“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.

Read also Mastercard Invests In Egyptian VC Nclude To Fund Egyptian Fintechs

“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.

Read also Egyptian Interior Design Platform Shatablee Raises $1.2m For Expansion

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

Egypt’s Nexta Secures $2.2m To Aggregate Payment Cards Into One Nexta Card

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.

Ibrahim Farag, Nexta’s CEO
Ibrahim Farag, Nexta’s CEO

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.

Read also Ghanaian Fintech Dash Sets Record With $32.8M Seed To Build A Unified Payments App For Africa

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.

Read also Egyptian Interior Design Platform Shatablee Raises $1.2m For Expansion 

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