The Egypt-based FinTech and ‘Lifestyle Banking’ pioneer Nexta is set for launch after raising its $2.2M Pre-SEED to disrupt the daily digital banking experience and consolidate transactions
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After successfully satisfying all CBE regulations and requirements, the Egypt-based FinTech and next-generation banking platform Nexta is set to debut powered by its newly secured $2.2M funding. The Pre-SEED round was led by Disruptech with the participation of key international backers.
Nexta, the Fintech Challenger, intends to redefine the meaning of user experience for all digital natives and their households throughout Egypt. Introducing “next-generation banking,” Nexta promises better everyday lives for Egyptians via providing what is known as “lifestyle banking”. This comes side by side with an unparalleled digital experience. A Nexta card will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come.
Investor interest in FinTech propositions across EVMs has been on overdrive over the past year. As recorded in our FinTech 2022 Venture Investment Report, the industry aggregated more than $2Bn in funds last year observing a 56% YoY growth in total transactions recorded. In part, this was due to 5 FinTech Mega Deals closed by the likes of Wave Mobile Money, JUMO, and Flutterwave in Africa championing digital banking, peer-to-peer, and alternative payment solutions to set the stage for a cashless future. While a large portion of the population in Egypt remains unbanked and underserved, alternative payment and digital banking ventures have flourished over the past years. In 2021, Egypt-based FinTech startups observed more than 300% YoY increase in capital investment to cross the $60M mark- this was driven by major rounds in seamless digital payment and financing ventures including day-to-day banking platform Dopay, Alternative payment platform PayMob, BNPL, and crediting solutions provider Sympl, as well as P2P payment and neo banking platform for teens Telda.
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Founded by Ibrahim Farag and Ahmed Hisham in 2021, with a seasoned team and visionary BOD, Nexta is expected to rise quickly in the Egyptian Fintech scene and create a unique experience for the Egyptian population, a “next-generation banking” experience. Ibrahim Farag, Nexta’s CEO, remarks: “We are proud to secure the trust of the CBE and Visa, and this is only the beginning. This is shaping up to be a highly competitive market. We await the formal announcement of the EKYC and Digital Banking Guidelines to be one of the early applicants. This is a vast market, and we are leading the wave.”
After locking a solid partnership with Visa, the world leader in digital payments, and securing a partnership with one of the largest state-owned banks in Egypt and Africa.
The Egypt-based Fintech aspires to lead the wave of what will be a competitive and healthy market. Ahmed Hisham, Nexta’s Managing Director, comments: “We at Nexta believe that our competitive edge is further highlighted through the mere fact that we have created a strong team, empowered through its diversity in expertise, backgrounds, and exposure. Nexta pledges to provide a new and wholesome banking experience for numerous market segments and contribute as a significant player to the creation of the Egyptian era of digitization. Our partnership with Visa allows for exchanging expertise and penetrating an upcoming market.” Malak ElBaba, Egypt Country Manager at Visa, added “We are delighted with such partnership as it aligns with our strategy to backing Fintech as the enablers for financial inclusion. Nexta needed a partner that was committed to supporting their breakthrough into the market and delivering something truly distinctive. That’s where Visa is able to support with its global network capabilities and cross-market expertise.
Nexta will be able to utilize its newly acquired funds to launch its much anticipated digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships. Mohamed Okasha, Managing Partner at Disruptech concluded, “We believe that Egypt is witnessing a complete phase of digital transformation, thanks to the unprecedented support from the CBE. We are confident that Nexta’s strong team is well-positioned to pave the way in innovation with its disruptive offerings.”
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