Nexta Raises $2.2m Pre-Seed Round
The Egyptian Fintech Startup is a digital bank that intends to promise better everyday lives for Egyptians via providing “lifestyle banking”.
Nexta is set to launch operations after satisfying all Central Bank of Egypt (CBE) requirements and securing a US$2.2 million pre-seed funding round.
Alongside an unparalleled digital experience, a Nexta card aggregates a user’s existing payment cards, and allows for money transfer, with a multitude of other features to follow.
According to Nexta, the US$2.2 million pre-seed funding round was led by Disruptech with the participation of key international backers, while Nexta is also announcing a partnership with Visa, as well as a partnership with one of the largest state-owned banks in Egypt and Africa in the form of the CBE.
Ibrahim Farag, Nexta Co-founder said: “We are proud to secure the trust of the CBE and Visa, and this is only the beginning. This is shaping up to be a highly competitive market. We await the formal announcement of the EKYC and Digital Banking Guidelines to be one of the early applicants. This is a vast market, and we are leading the wave.”
Malak ElBaba, Egypt country manager at Visa, said: “Nexta needed a partner that was committed to supporting their breakthrough into the market and delivering something truly distinctive. That’s where Visa is able to support with its global network capabilities and cross-market expertise.”