Egyptian startup Swypex has unveiled its comprehensive financial services platform for businesses, backed by a US$4 million seed investment round led by prominent venture capital firm Accel.
Co-founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, and licensed by the Central Bank of Egypt, Swypex offers an integrated financial management platform. It provides businesses with instant access to a financial dashboard, smart corporate cards, and seamless integration with existing financial systems and accounting software.
Positioned as the first all-encompassing platform in the region, Swypex aims to address financial inefficiencies and maximize business potential by combining payment processing, invoice management, and smart corporate cards into a single platform. This integration helps simplify financial operations, enabling businesses to automate workflows and facilitate payments efficiently.
The launch is supported by a US$4 million seed funding round from Accel, marking its inaugural fintech venture in the region. The round also saw contributions from Foundation Ventures, The Raba Partnership, and several top-tier angel investors.
“Swypex is designed to give Egyptian businesses a competitive edge, enhancing their efficiency and growth capabilities,” stated Ahmad Mokhtar, CEO of Swypex. “With the most powerful corporate card in Egypt and our robust financial platform, we are set to revolutionize how businesses manage their finances. We are thrilled to collaborate with Accel, Foundation Ventures, and Raba to bring this vision to life and excited about the future,” he added.
Richard Kotite, Vice President at Accel, commented on the digital transformation in the payments industry, emphasizing the significant potential for modern fintech solutions in the Egyptian market.
“Ahmad, Tarek, and Sasan have identified a critical need for a holistic B2B financial solution that resolves several major challenges faced by businesses while significantly enhancing efficiency. We believe Swypex has the potential to become a leading fintech entity in the Middle East. The founders bring both technical expertise and ambitious vision, and we are excited to support them on their path,” Kotite noted.
