Swypex, a Cairo, Egypt-based provider of a payments and financial workflow automation platform, raised $4M in Seed funding.
The round was led by Accel with participation from Foundation Ventures, The Raba Partnership, and angel investors.
The company intends to use the funds to expand operations and development efforts.
Founded by Ahmad Mokhtar (CEO, ex-PlayStation), Tarek Mokhtar (CPO, ex-Spotify), and Sasan Hezarkhani (CTO, ex-Twitter), Swypex provides a platform that consolidates businesses’ financial tools, bringing together services such as corporate cards, a business account, and invoice management in one place. With it, businesses have instant access to:
- Smart corporate cards: Issue cards with built-in advanced card controls and real-time tracking to empower businesses to control spend before it happens and reduce their reliance on cash expenses.
- Comprehensive financial dashboard: A centralised view of a business’s finances, facilitating better insight, decision-making, and strategic planning.
- Seamless integrations: Easy sync with existing financial systems and accounting software, automatically pulling invoices, eliminating double-entry bookkeeping, and simplifying financial workflow.
Commenting on the news, Ahmad Mokhtar said: “By empowering businesses with the most powerful corporate card in Egypt, paired with our all-in-one financial platform, we will help businesses simplify their financial operations and improve their financial health. Swypex is the first and last platform a finance team needs. We’re excited to partner with Accel, Foundation Ventures, and Raba to make this vision a reality, and we look forward to continuing this journey.”
FinSMEs
07/05/2024