Nexta, a Cairo-based fintech firm run by Egyptian entrepreneur, CEO Ibrahim Farag, has raised $2.2 million in a pre-seed investment round driven by institutional investors as it seeks to generate additional value through the expansion of its operations and service offerings.
Farag and Ahmed Hisham established the Egyptian fintech startup in 2021 with the aim of redefining payments and money management in Egypt as a next-generation financial services provider.
The fintech startup is focused on simplifying money management for everyone as it strives to make financial transactions easy, fast and inexpensive, with an ever-evolving suite of tools and services to be added along the way.
The $2.2-million capital that it raised from its recently concluded pre-seed funding round was led by Disruptech, an Egyptian venture capital investment firm that invests in early-stage fintech and fintech-enabled digital startups.
The capital injection will be used by the Farag-led startup to deploy its much-anticipated digital banking products, as well as to assist its efforts in extending its market and continuing its strategic collaborations.
Nexta also struck a collaboration deal with Visa as part of its strategic move to grow its operations through its service offerings, in line with aspirations to lead the wave of what will be a competitive and robust industry.
Commenting on the partnership, Farag stated: “We are happy to secure the trust of the CBE and Visa, and this is only the beginning.” This market is turning out to be quite competitive. We are looking forward to the formal publication of the EKYC and Digital Banking Guidelines so that we may be among the first applicants.”
According to Nexta Managing Director Ahmed Hisham, Nexta’s competitive advantage is bolstered by its strong team and empowered by its variety in experience, backgrounds, and exposure.
He added that the collaboration with Visa will allow for the sharing of experience, which will permeate the Egyptian financial services industry.
