The state-owned company eFinance Group, which makes digital payment solutions, has put $5 million into an Egyptian company called Nexta. Nexta plans to release a banking app in the coming months.

This information comes after Nexta disclosed a $2 million pre-seed round in March, which was led by Egyptian early-stage VC Disruptech.

Before receiving the Central Bank of Egypt’s (CBE) complete permission for the agent banking licence, which is required to begin operations in the nation, Nexta acquired a provisional licence from the CBE in 2021 and will work to fulfil other conditions and meet specific responsibilities.

Although it will power its own cards and technology, the Nexta app will have a partner bank to manage payments and serve as a middleman between itself and the CBE.

Nexta, a firm started in 2021 by Ahmed Hisham, aims to upend the Egyptian fintech industry with its “next-generation banking” app and card.

The business says that the Nexta card will combine the customers' current payment cards, making it easier to send money and giving them options like tracking their spending.

The co-founder and CEO says that the business is working on developing next-generation banking and making it easy for customers to use.

Nexta wants to offer easy and quick sign-up, card aggregation, linking all of your cards together, and many ways to cash in. The company plans to make money from interchange fees.

With its preliminary launch, Nexta will focus on budgeting and spending monitoring first.

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Then, in order to solve the Egyptians’ pinpoints, it will introduce new features every month or every three months.

Nexta has only let people sign up for its waitlist through its website so that people will be more excited for its launch. Hisham refused to specify how many customers are in the queue for the business.

In a press release, Ibrahim Sarhan, the chairman and CEO of eFinance, said that the investment in Nexta is in line with Egypt's strategy and goal for its digital transformation by 2030. This includes the group's plan to make investments in the fintech sector to make the most of its assets and investments.

Sahar said that Nexta is one of the promising businesses that the group has invested in as part of a number of well-thought-out investments.

It’s important to note that the group helped form Nclude, a fund that makes investments in startup fintech companies, which will help the industry’s present and future developments in Egypt.