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Accel invests in Swypex’s $4M round to expand its all-in-one finance platform

Swypex founders
Picture credits: Swypex

Nearly 3.8 million businesses across Egypt currently struggle with complex and rigid financial systems, resulting in inefficient financial management and limited control over their spending. This in turn hinders effective decision-making, costing companies valuable time and money. 

Egyptian fintech Swypex resolves this challenge with its unified and intuitive financial platform that scales with each business, freeing them to focus on growth. 

Recently, Swypex unveiled its comprehensive financial management platform, fully licensed by the Central Bank of Egypt (CBE). The launch came alongside a $4 million seed investment led by Accel (recently invested in Holistic AI and Corelight), with participation from Foundation Ventures, The Raba Partnership, and industry-leading angel investors. Notably, this is said to be Accel’s first investment in the region. 

The company will use the new capital injection to expand its platform’s business and technical capabilities.

Comprehensive finance platform

Founded by Ahmad Mokhtar (ex-PlayStation), Tarek Mokhtar (ex-Spotify), and Sasan Hezarkhani (ex-Twitter), Swypex redefines business finance, putting control back in the hands of businesses. It offers a unified and intuitive financial platform that scales with each business, freeing them to focus on growth. 

Swypex’s platform consolidates businesses’ outdated and fragmented financial tools, bringing together services such as corporate cards, a business account, and invoice management on a single platform.

Corporate cards for businesses

Swypex provides Egyptian businesses with an unlimited number of corporate cards for their employees. Swypex Corporate Cards are designed to reduce costs, elevate operational efficiency, and facilitate scalable growth. Businesses on the platform can set smart controls to manage spending. After every transaction, employees can upload receipts, invoices and spending details. 

With Swypex, businesses have instant access to smart corporate cards with advanced card controls and real-time tracking to empower businesses to control spend before it happens and reduce their reliance on cash expenses. It also provides a comprehensive financial dashboard, which is a centralised view of a business’s finances, facilitating better insight, decision-making, and strategic planning. 

“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” said Ahmad Mokhtar, CEO of Swypex. “By empowering businesses with the most powerful corporate card in Egypt, paired with our all-in-one financial platform, we will help businesses simplify their financial operations and improve their financial health. Swypex is the first and last platform a finance team needs. We’re excited to partner with Accel, Foundation Ventures, and Raba to make this vision a reality, and we look forward to continuing this journey.”

“As the payments space continues to digitise, the opportunity to provide modern fintech products to Egyptian businesses has become even more important,” added Richard Kotite, Vice President at Accel. “Ahmad, Tarek, and Sasan have spotted a gap in the market for a comprehensive B2B solution that addresses many of the key pain points businesses regularly face while driving a step-change in efficiency. We see a real opportunity for Swypex to become a fintech champion across the Middle East. The team is technically experienced and highly ambitious, and we are delighted to be joining them on this journey.”

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