Nexta secures $3m investment
By Edlyn Cardoza
Nexta, Egypt’s upcoming banking app, announces securing a $3 million investment. The investment was led by e-finance, one of Egypt’s leading providers of digital payments solutions and the backbone of the Egyptian government’s digital transformation strategy.
Founded by Ahmed Hisham in 2021, with a strong team and visionary BOD, Nexta is expected to launch soon & disrupt the Egyptian FinTech scene by creating what is currently unknown to many Egyptians, a next-generation banking experience. Introducing next-generation banking, Nexta promises better everyday lives by providing what is known as ‘lifestyle banking.’ A Nexta card will allow instant, easy, and reliable money transfer, budgeting, tracking spending, and many other features.
Ahmed Hisham, CEO of Nexta, said, “I wouldn’t call it a funding round. It is more of a strategic partnership. e-finance has cemented itself as an integral partner in the Egyptian government’s push for digitisation by developing integrated platforms that are leading Egypt’s digital revolution. We are very glad to have them on board. We are already part of that nationwide digital transformation!”
The upcoming FinTech giant is looking to get its final license in a few weeks after satisfying all CBE’s regulations. The investment is set to tide Nexta over until its official launch.
Ibrahim Sarhan, e-finance’s Chairman and CEO, stated that the Group attaches great importance to supporting FinTech innovations and its emerging projects. This aligns with Egypt’s digital transformation plan and Egypt Vision 2030, which maximises the Group’s assets and investments with a diverse portfolio in the FinTech field.
“Nexta is among the promising companies financed by the Group within several targeted investments. It’s worth noting that the Group took part in establishing Nclude—an investment fund—to invest in emerging fintech companies, thus improving the current and future direction of fintech in Egypt,” said Ibrahim Sarhan, e-finance’s Chairman and CEO.
Hisham added, “The demand for digital financial services is increasing day by day, we believe that there exists a huge opportunity for us to offer a differentiated and outstanding experience to different users in such a promising market.”
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