Nexta, an Egyptian-based fintech, and next-generation banking platform; is scheduled to debut with $2.2 million in investment after successfully meeting all CBE norms and standards. Disruptech led the pre-Seed round, which included significant international backers.
Nexta, founded in 2021 by Ibrahim Farag and Ahmed Hisham, is predicted to emerge swiftly in the Egyptian FinTech industry and provide the Egyptian populace with a special experience, a next-generation banking experience.
Nexta’s card will combine a user’s existing payment cards, allowing for quick and secure money transfers, as well as a slew of additional benefits.
Nexta’s CEO, Ibrahim Farag, stated that they are honored to have earned the faith of the CBE and Visa; and that this is just the starting.
This market is growing up to be fiercely competitive. To be one of the early candidates, the business is waiting for the formal introduction of the EKYC and Digital Banking Guidelines. This is a huge market, and they’re at the forefront of it.
The money will be used to launch Nexta’s much-anticipated digital banking solutions, as well as to assist the company’s plans to boost its market and maintain critical partnerships.
Techbuild’s Take
Egypt’s early use of digital banking offered the country an advantage in dealing with the pandemic’s issues.
Fintech businesses have been able to provide customers with digital services and solutions that meet their day-to-day demands from the comfort of their own homes, guaranteeing their safety and reducing bank branch visits.
These fintechs’ customer-centric strategy, combined with their digital transformation plan, foreshadowed their leading position in Egypt and the MENA region in terms of digital innovation and banking technological innovation.
It’s worth mentioning that digital solutions are a must-have for reaching the region’s unbanked and underbanked populations.
These fintech companies are using hybrid technology to improve digital platforms and promote financial inclusion through various investments.
Africa’s digital banks have a great deal of potential and are rapidly growing. Nexta, the fintech disruptor, wants to reinvent the definition of user experience for all Egyptian digital natives and their families.
The startup, which has introduced “next-generation banking,” offers Egyptians a better everyday life by delivering “lifestyle banking.” This is accompanied by an unrivaled digital experience.
Customers who use the Nexa banking platform and card may expect the highest banking convenience without having to visit a bank.
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