Egyptian startup Swypex has unveiled its comprehensive financial services platform tailored for businesses, following a successful $4 million seed funding round led by prominent venture capital firm Accel.

Co-founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, Swypex has secured a license from the Central Bank of Egypt. The platform serves as a multifunctional financial management tool that provides businesses instant access to a broad array of financial resources including a financial dashboard, smart corporate cards, and seamless integrations with existing financial systems and accounting software.

Positioned as the first of its kind in the region, Swypex aims to streamline financial processes by consolidating payment processing, invoice management, and the use of smart corporate cards into a single, cohesive platform. This integration is designed to simplify financial operations, enabling businesses to automate financial tasks and conduct transactions effortlessly.

The seed funding of $4 million, orchestrated by Accel—marking its initial fintech venture in the region—also saw contributions from Foundation Ventures, The Raba Partnership, and several leading angel investors.

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Ahmad Mokhtar, CEO of Swypex, expressed enthusiasm about the launch, stating,

"Swypex is crafted to furnish Egyptian businesses with a competitive edge, enhancing their efficiency and potential for growth. With the most advanced corporate card in Egypt, coupled with our all-encompassing financial platform, we aim to streamline financial operations and enhance fiscal health. Swypex is designed to be the quintessential solution for any finance team. We are thrilled to have the backing of Accel, Foundation Ventures, and Raba as we propel forward with this venture."

Accel's vice president, Richard Kotite, highlighted the growing necessity for modern fintech solutions in Egypt as digital payments evolve.

"Ahmad, Tarek, and Sasan have identified a crucial market niche for a holistic B2B financial solution that resolves many frequent business challenges while significantly boosting efficiency. We believe Swypex has the potential to emerge as a leading fintech player throughout the Middle East. With a technically skilled and ambitious team at the helm, we are excited to support their journey,"

he commented.