Egyptian fintech company XPay has secured $250,000 in pre-seed funding from two angel investors. This comes on the heels of an initial investment into the startup made by the country’s first fintech-focused investment company, EFG EV Fintech.
XPay is currently part of the cohort participating in Startupbootcamp Fintech Cairo. Here, the company is engaging corporates and finance companies in a bid to get investment to further push its mission of offering cashless solutions to the Egyptian market.
The startup plans to channel this latest cash towards growing the company. XPay is actively seeking local talent to partake in the company’s impending stage of development and community engagement.
“We are recruiting visionaries who share our passion for creating tech-based solutions to everyday anxieties,” said XPay founder and CEO Dr. Mohamed AbdelMottaleb.
The company harnesses the abundance of mobile technology in modern communities like universities, clubs, academic institutions and residential compounds by providing quick and easy automation of daily tasks and transactions.
Dr. AbdelMottaleb said, “XPay was established to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living.”
Prior to this pre-seed funding round, the company caught the eye of the fintech-focused seed stage startup accelerator/VC fund EFG EV Fintech.
Mahmoud El-Zohairy, the Managing Director of the accelerator and fund, commented, “We believe in the evolution of financial services and in empowering and supporting Egypt’s local talent poised to drive the next wave of fintech innovation.
“XPay is a revolutionary electronic payment solution, backed by a very seasoned founder that allows closed communities to digitize payments and payment collection, while providing community members and management with a variety of value-added services along the way.”
The company’s potential has not gone unnoticed at Startupbootcamp Fintech Cairo either.
Ahmed Elsherif, Director of this arm of Startupbootcamp said, “It is a real pleasure for us to be working with XPay in providing access to an end-to-end suite of financial services and payment facilities for a multitude of communities and verticals within the economy.
“Mohamed AbdelMottaleb has demonstrated that XPay has the potential to become a key player in Egypt’s financial inclusion; enabling access to financial products that will impact the lives and futures of Egyptians for generations to come.”
According to Digest Africa data, in 2019 so far, there have been 25 venture funding deals in the financial services (including fintech) sector in Africa at the seed (including pre-seed), early and late venture stage surpassing the 18 deals at the same time last year.
XPay is turning plenty of heads and this latest infusion of cash certainly will help the startup foster financial inclusion an ever-growing Egyptian market.