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    Nexta Egyptian Fintech Startup Secures $22,2m

    Nexta, an Egyptian fintech startup has provided $2.2 million in pre-seed financing, with key international backers.

    Nexta was established by Ahmed Hisham (2021) and Ibrahim Farag (2021). Its goal is to simplify money administration for all. Nexta strives to make it easy, quick, and affordable. There are a variety of tools and features that will be added to the site as they develop. Visa has partnered with Nexta and one of Africa’s largest state-owned banks.

    Nexta will have the ability to use its newly acquired funds for its digital banking solutions. It can also support its efforts to expand its market and continue its strategic partnerships.

    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 market is becoming highly competitive. We are waiting for the official announcement of the EKYC, Digital Banking Guidelines in order to be among the first applicants. This is a vast market, and we are leading the wave.”

    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 promises to offer a new and healthy banking experience to many market segments and to play a significant role in the Egyptian era’s 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 who was willing to support their market breakthrough and deliver something unique. That’s where Visa is able to support with its global network capabilities and cross-market expertise.

    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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