Egypt’s ever-expanding fintech industry welcomes another startup funding: XPay, a cashless community platform, raises $250k in Pre-SEED funding from two angel investors

9 months ago - Sat, 5/18/2019, 11:52 AM

Egypt’s ever-expanding fintech industry welcomes another startup funding: XPay, a cashless community platform, raises $250k in Pre-SEED funding from two angel investors
Author: MAGNiTT

Following initial investment from EFG EV Fintech, Egypt’s first fintech-focused investment company, XPay has secured a $250K investment from two angel investors who identify Egypt and the region as ripe for fintech expansion and activation across various sectors. XPay, currently part of the Startupbootcamp Fintech Cairo cohort, is rapidly intensifying its reach and is currently in discussion with corporate investment and finance companies interested in promoting cashless solutions to penetrate more of Egypt’s expanding market.

Harnessing the abundance of mobile technology, the XPay platform enables smart cities by powering smart communities - universities, clubs, academic institutions and residential compounds and more – providing quick and easy automation of daily tasks and transactions. “XPay was established,” says founder and CEO, Dr. Mohamed AbdelMottaleb, “to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living.”

The most recently secured funds will be directed to the company’s growth as XPay is now identifying local talent to take part in the company’s coming stage of development and community engagement. “We are recruiting visionaries who share our passion for creating tech-based solutions to everyday anxieties,” adds AbdelMottaleb, who acknowledges with thanks the support XPay has received throughout the past year at both the AUC Venture Lab in Cairo and Womena accelerator program in the UAE.

On the rise of fintech services in Egypt, Managing Director of EFG EV Fintech, Mahmoud El-Zohairy, adds, “We believe in the evolution of financial services and in empowering and supporting Egypt’s local talent poised to drive the next wave of fintech innovation.” He adds, “XPay is a revolutionary electronic payment solution, backed by a very seasoned founder, that allows closed communities to digitize payments and payment collection, while providing community members and management with a variety of value-added services along the way.”

The fintech ecosystem is rapidly growing, identifies Ahmed Elsherif, Director of Startupbootcamp Fintech Cairo. “It is a real pleasure for us to be working with XPay,” he explains, “in providing access to an end-to-end suite of financial services and payment facilities for a multitude of communities and verticals within the economy. Mohamed AbdelMottaleb has demonstrated that XPay has the potential to become a key player in Egypt’s financial inclusion; enabling access to financial products that will impact the lives and futures of Egyptians for generations to come.”


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