Nexta, an Egyptian startup looking to disrupt the Egyptian FinTech scene with its banking app, has secures $3m.
According to a report from TechCrunch, Nexta secured the funding from eFinance Group, a state-owned provider of digital payments solutions.
This fundraise also follows the $2m pre-seed round Nexta announced this March, which Egyptian early-stage VC Disruptech led.
Founded by Ahmed Hisham in 2021, the company describes its offering as an “immersive banking experience that champions your lifestyle. Increasing your quality of life through our genuine and mindful banking experience.”
Nexta focusses on streamlining money management and making financial tasks more simple, fast and affordable, and as such continually updates it suite of features.
Last year, Nexta obtained a provisional license from the Central Bank of Egypt (CBE) and will look to fulfill further requirements and meet certain obligations before obtaining the CBE’s final approval for the agent banking license it needs to launch its services in the country.
The co-founder and CEO reportedly said, “We’re trying to build next-generation banking and provide a seamless user experience to the consumer. We want to make easy and instant onboarding, card aggregation, linking all of your cards and several methods of cash-in features.
“That’s the first thing we are going in with the soft launch, and budgeting and tracking spending. And then we’ll add more features every month or quarter more features to solve the pinpoints of Egyptians.”
Earlier this month, Egypt-based money management app Telda raised $20m for its seed funding round, as it looks to revolutionise finance in MENAP.
Sequoia Capital and Global Founders served as the lead investors, according to a report from TechCrunch. Block also participated in the round.
This capital will help Telda to continue its goal of helping Egyptians digitise their savings and spending.
Telda was co-founded by Uber engineer Youssef Sholqamy and Swvl co-founder Ahmed Sabbah in 2021. The company offers consumers a simple way to send, spend and save money.
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