Nexta, an Egypt-based fintech and next-generation banking platform that focuses on simplifying money management for users has secured a $3 million investment.
The investment round was led by e-finance, Egypt’s leading provider of digital payments solutions, and the backbone of the Egyptian government’s digital transformation strategy.
This new investment comes after the startup raised a $2 million pre-seed round in March, which was led by DisrupTech, Egypt’s leading fintech venture capital firm that focuses on investing in early-stage fintech & fintech-enabled startups.
With a goal to disrupt the fintech scene in Egypt and across Africa, Nexta is creating a ‘Next generation banking experience’ that will redefine the way digital natives and their households handle money.
By introducing ‘next generation banking’, Nexta promises better everyday lives by providing what is known as lifestyle banking. It will also launch a Nexta card that will allow for instant, easy, and reliable money transfer, budgeting, tracking spending, and a multitude of other features to come. The digital bank is looking to get its final license in a few weeks, after satisfying all CBEs regulations.
Speaking on Nexta’s recent investment, lead investor in the funding round, e-finance’s Chairman and CEO, Ibrahim Sarhan said “Nexta is among the promising companies financed by the Group within several targeted investments.
“It’s worth noting that the Group took part in establishing Nclude an investment fund to invest in emerging fintech companies, thus improving the current and future direction of fintech in Egypt.”
Also commenting on its funding round led by e-finance, the CEO of Nexta Ahmed Hisham said, “I wouldn’t call it a funding round. It is more of a strategic partnership.
“e-finance has cemented itself as an integral partner in the Egyptian government’s push for digitization by developing integrated platforms that are leading Egypt’s digital revolution. We are very glad to have them on board. We are already part of that nationwide digital transformation.
“The demand for digital financial services is increasing day by day, we believe that there exists a huge opportunity for us to offer a differentiated and outstanding experience to different users in such a promising market.”
Born out of a desire to redefine payments and money management in Egypt, Nexta continuously evolves its suite of tools as well as constantly upgrading and introducing new features to simplify money management for users.
