Egyptian fintech and next-generation banking startup 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.
Founded by Ibrahim Farag and Ahmed Hisham in 2021, Nexta is a digital bank that intends to promise better everyday lives for Egyptians via providing “lifestyle banking”. 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.
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.
“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,” said Farag.
Malak ElBaba, Egypt country manager at Visa, said he was “delighted” to partner Nexta as it aligned with the firm’s strategy of backing fintech startups as the enablers of financial inclusion.
“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,” he said.