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Accel leads $4M investment in Egyptian corporate cards platform Swypex
Egyptian fintech Swypex launches all-in-one financial platform for businesses, following $4M seed investment led by Accel.
This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks, attracting millions of Egyptian consumers who previously relied mainly on cash for their transactions. CEO Ahmad Mokhtar explained that the startup, founded in early 2022 but only emerging from stealth mode now, dedicated its first year to acquiring essential licenses, ensuring regulatory compliance, and collaborating with payment processors and bank sponsors. Accel, the storied venture capital firm making its first investment across the MENA region (though it has backed an African money transfer app), led the $4 million seed round in Swypex.
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