Nexta, the Egypt-based fintech and banking platform, raised $2.2 million funding in a pre-seed round. The round was led by Disruptech with the participation of key international backers.
Nexta intends to redefine the meaning of user experience for all digital natives and their households throughout Egypt. Nexta aims to provide Egyptians with what is known as lifestyle banking, 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.
Founded by Ibrahim Farag and Ahmed Hisham in 2021, 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.
“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,” Ibrahim Farag, Nexta’s CEO, said.
Nexta will use the 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.
“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,” Mohamed Okasha, Managing Partner at Disruptech concluded.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.