Simplified Tech News Reporting

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”.

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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.”


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