Egyptian fintech startup Hollydesk has closed a US$325,000 pre-seed funding round to support its expansion plans into other countries in the region.
Founded in June 2021 by Mahmoud Moussa, Hollydesk allows SMEs to monitor and control their daily expenses, as well as pay their employees, through its mobile app.
The startup has acquired more than 3,000 clients in sectors such as construction and delivery, and now plans to expand into new markets after raising US$325,000 in funding from angel investor Faisal Abdel Salam and other investors.
“We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced soon with major Egyptian banks, which is in line with the Egyptian government’s plans to achieve financial inclusion, especially for workers within small and medium companies,” said Mahmoud Moussa, chief executive officer (CEO) of Hollydesk.
“We see a great opportunity in the field of digitising the part of following up on companies’ expenses, and this is only the beginning, and we aspire to what is greater than that by providing other solutions such as financing and other solutions to help these companies achieve greater growth for this sector.”