EGYPT – Hollydesk, a financial technology startup based in Cairo, has raised US$325,000 in a pre-seed funding round led by the angel investor Faisal Abdel Salam in participation with other investors.
The funding will help Hollydesk to scale and pursue further the horizontal expansion of its offerings. The startup further intends to expand its services and solutions in new markets in the region.
“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,” Mahmoud Moussa, CEO of Hollydesk.
Hollydesk is a technology startup that helps small and medium-sized businesses monitor and control their daily spending anywhere in real time.
It was founded in June of 2021. All petty cash and custody requests can be made through the Hollydesk application, which connects all members of the system inside the organization “stores — financial management — human resources — managers.”
It is the first financial technology firm in Egypt to be funded in the field of managing SMEs spending and accounts.
“We are very happy to participate in driving the growth of the company, especially as it provides digital solutions that fill a gap that many companies in the Middle East and North Africa suffer from, especially small and medium-sized companies,” Faisal Abdul Salam, the lead investor in the latest round of investment said.
“One of the most important reasons for the success of startups is the extent of harmony and integration of the work team, as well as the strength of their belief in the idea of their project, which we felt from the Hollydesk team, and encouraged us to invest and support them.”
The application allows members of the system to communicate for instant approval, and the finance team approves settlement operations in a matter of minutes with a few simple clicks through the application.
Employees may collect their money from any bank, digital wallet, or pos machine for electronic payment firms like Fawry, and they can also register suppliers, attach invoices, receive approvals, and pay the provider from within the app.
“We see a great opportunity in the field of digitizing 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,” Moussa said.
Hollydesk products essentially assist businesses in more effectively managing their resources.
According to Moussa, the company has been able to grow its solutions and services to encompass more than 3,000 clients from a variety of industries, including building, construction, and delivery, as well as start-ups and non-governmental organizations.
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