Business

Swypex launches after $4 million seed round

  • Egypt-based fintech company Swypex has closed a $4 million seed investment round led by venture capital fund Accel and with participation from Foundation Ventures, The Raba Partnership and angel investors.
  • Founded in 2022 by Ahmad Mokhtar, Tarek Mokhtar and Sasan Hezarkhani, Swypex is a B2B all-in-one financial management platform that consolidates payments, invoice management and smart corporate cards.

Press release:

Swypex announced its launch following a $4 million seed investment round led by renowned venture capital fund Accel. Licensed by the Central Bank of Egypt, Swypex is the first comprehensive platform designed to eliminate financial inefficiencies and unlock a business’s full potential. This is Accel’s first fintech investment in the region. The investment also included participation from Foundation Ventures, The Raba Partnership and industry-leading angel investors.

Swypex consolidates payments, invoice management and smart corporate cards on a unified platform. Their products simplify financial management and enable companies to automate financial processes and easily process payments. Swypex corporate cards are designed specifically for Egyptian businesses to reduce costs, increase operational efficiency and enable scalable growth.

According to the UNDP, 3.8 million companies are currently struggling with complex and rigid financial systems. Forced to use multiple disjointed processes to manage their finances, both SMEs and enterprises suffer from limited financial visibility and control, resulting in inefficient financial processes. Additionally, employee fraud is a costly problem, with companies suffering an average of 5% loss in revenue annually. To overcome these obstacles, the CBE has launched a series of regulations and initiatives in recent years to transition businesses from cash to digital payment rails. These are now coming into force and are providing additional tailwind for financial innovations.

“Swypex is designed to give Egyptian companies a competitive advantage and enable them to achieve the efficiency and growth they deserve,” said Ahmad Mokhtar, CEO of Swypex. “By equipping companies with Egypt’s most powerful corporate card combined with our all-in-one financial platform, we will help companies simplify their financial operations and improve their financial health.” Swypex is the first and last platform to be a Finance team needs. We are excited to partner with Accel, Foundation Ventures and Raba to make this vision a reality and we look forward to continuing this journey.”

“As the digitalization of payments continues, the ability to offer modern fintech products to Egyptian companies has become even more important,” said Richard Kotite, vice president at Accel. “Ahmad, Tarek and Sasan have identified a gap in the market for a comprehensive B2B solution that addresses many of the key issues businesses regularly face while significantly increasing efficiency. We see a real opportunity for Swypex to become a fintech champion across the Middle East. The team is technically experienced and very ambitious and we are excited to accompany them on this journey.”

Swypex founders Ahmad Mokhtar, CEO (ex-Playstation), Tarek Mokhtar, CPO (ex-Spotify) and Sasan Hezarkhani, CTO (ex-Twitter), combined their strong technical backgrounds and set out to redefine financial management and to become a competitive company advantage. Swypex offers a unified and intuitive financial platform that adapts to every company, saving them time and money.

Egyptian businesses can open a Swypex account today and receive three free cards.

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