Swypex announced its launch after a $4 million initial funding round headed by the well-known venture capital firm Accel. Swypex is the first comprehensive platform designed to eliminate financial inefficiencies and optimize a company’s potential, having been licensed by the Central Bank of Egypt (CBE). Accel’s first fintech investment in the area is Swypex. The investment was made in conjunction with Foundation Ventures and The Raba Partnership, two of the industry’s top angel investors.

Swypex integrates payments, invoicing management and smart corporate cards on a single platform. Their products facilitate easier financial administration by allowing businesses to handle payments and automate financial procedures. Specifically designed for Egyptian businesses, the company’s business cards aim to reduce costs, boost operational efficiency and facilitate scalable growth.

According to the sources, 3.8 million businesses are currently experiencing trouble using banking methods that are convoluted and constrictive. Because businesses had to use many disjointed systems to manage their finances, SMEs and corporations alike had reduced financial visibility and control, leading to inefficient financial operations. In an attempt to address the issues, the CBE has introduced a flurry of initiatives and laws in recent years to transition businesses from cash to digital payment methods. It is currently in action and providing further benefits for financial innovation.

Swypex founders Tarek Mokhtar (former Spotify CPO), Sasan Hezarkhani (former Twitter CTO), and Ahmad Mokhtar (former PlayStation CEO) combined their strong technical skills to rethink financial management and make it a competitive advantage for businesses. It provides businesses with a scalable, user-friendly financial platform that saves time and money.