Swypex: Pioneering Egypt's Corporate Card Revolution

Card usage in Egypt is on the rise, with over 30 million cards in circulation, marking a significant shift in the country's payment landscape.

However, while individual card usage is booming, the adoption of corporate cards tells a different story.

Businesses, regardless of their size, have shown reluctance in embracing corporate cards due to limited accessibility and insufficient spending controls.

One such fintech company leading the charge in Egypt's evolving financial landscape is Swypex.

Founded in early 2022, Swypex recently emerged from stealth mode, unveiling its innovative financial services tailored to meet the needs of Egyptian businesses while complying with regulatory standards set by the central bank.

CEO Ahmad Mokhtar shed light on the startup's journey, revealing that their first year was dedicated to securing essential licenses, ensuring regulatory compliance, and establishing partnerships with payment processors and bank sponsors.

The company then launched its beta version to 100 customers in December of the previous year.

Swypex's efforts have not gone unnoticed in the investment world.

Accel, a renowned venture capital firm, led a $4 million seed round in Swypex, marking its first fintech investment in the MENA region.

Other investors, including Foundation Ventures and The Raba Partnership, also participated in the funding round.

Mokhtar highlighted the extensive research conducted by Swypex, engaging with a diverse range of businesses, from startups to SMEs and large corporations.

Through these interactions, Swypex identified common challenges faced by businesses, including overreliance on cash transactions and cumbersome banking procedures.

Consequently, Swypex developed a platform that addresses these pain points, offering businesses an array of corporate cards with customizable spending controls.

Businesses can set specific limits and usage permissions for their employees, while transaction data, including receipts and invoices, are seamlessly integrated into a centralized dashboard.

Moreover, Swypex's platform offers seamless integration with ERP and accounting software, providing businesses with a comprehensive overview of their expenses in real-time.

Source: Tage Kene-Okafor / TechCrunch