Nexta, Egypt’s upcoming banking app announced that it secured a $3m investment. The investment was led by e-finance, Egypt’s leading provider of digital payments solutions, and the backbone of the Egyptian government’s digital transformation strategy.
Founded by Ahmed Hisham in 2021, Nexta is expected to launch soon. The company says it will “disrupt the Egyptian Fintech scene, by creating what is currently unknown to many Egyptians, a next-generation banking experience.”
The Fintech challenger aims to redefine the way digital natives and their households deal with money.
For his part, Ibrahim Sarhan, e-finance’s Chairperson and CEO, stated that the Group attaches great importance to supporting fintech innovations and its emerging projects. This comes in line with Egypt’s digital transformation plan and Egypt Vision 2030 which ensures maximising 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.” Sarhan said.
Ahmed Hisham, the CEO of Nexta commented: “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!”.
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.”
Introducing “next-generation banking,” Nexta promises better everyday lives by providing what is known as “lifestyle banking.” A Nexta card will allow for instant, easy and reliable money transfer, budgeting, tracking spending, and a multitude of other features to come.
Nexta is looking to get its final license in a few weeks, after satisfying all Central Bank of Egypt’s regulations. The investment is set to tide Nexta over until its official launch.