EGYPT – Egyptian-based fintech Nexta, the next-generation banking platform has closed US$2.2 million pre-seed round to launch digital banking solutions.
The latest funding round was led by Disruptech with participation from other significant international backers.
Nexta is set to launch its services after successfully satisfying all CBE regulations and requirements.
The startup will utilize its newly acquired funds to launch digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships.
Founded in 2021 by Ibrahim Farag and Ahmed Hisham, Nexta is a “next-generation banking” platform that allows users to transfer money and aggregate their existing payment cards into one Nexta card.
The startup intends to redefine the meaning of user experience for all digital natives and their households throughout Egypt after successfully satisfying all CBE regulations and requirements.
“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,” said Ibrahim Farag, Nexta’s CEO.
Introducing “next-generation banking,” Nexta promises better everyday lives for Egyptians via providing what is known as “lifestyle banking”.
This comes side by side with an unparalleled digital experience. A Nexta card will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come.
The launch of digital banking solutions reflects Egypt’s early adoption of the system that has offered the country an advantage in dealing with the pandemic’s issues.
Fintech businesses in the North African country have been able to provide customers with digital services and solutions that meet their day-to-day demands from the comfort of their own homes, guaranteeing their safety and reducing bank branch visits.
The fintechs’ customer-centric strategy, combined with their digital transformation plan, foreshadowed their leading position in Egypt and the MENA region in terms of digital innovation and banking technological innovation.
The companies are using hybrid technology to improve digital platforms and promote financial inclusion through various investments.
Africa’s digital banks have a great deal of potential and are rapidly growing. Nexta, the fintech disruptor, wants to reinvent the definition of user experience for all Egyptian digital natives and their families.
The startup, which has introduced “next-generation banking,” offers Egyptians a better everyday life by delivering “lifestyle banking.” This is accompanied by an unrivaled digital experience.
Customers who use the Nexta banking platform and card may expect the highest banking convenience without having to visit a bank.
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