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Egypt's fintech startup Nexta obtains initial operation approval from CBE, secures $2.2m in pre-seed round Earlier, Nexta secured $2.2m in a pre-seed round, led by DisrupTech Ventures, with the participation of key international backers.
Nexta, an Egyptian-based fintech platform, received on Saturday an initial approval from the Central Bank of Egypt (CBE) to provide its services locally after successfully meeting all CBE norms and standards. Earlier, Nexta secured $2.2m in a pre-seed round, led by DisrupTech Ventures, with the participation of key international backers. Moreover, Nexta signed a partnership contract with Visa, the global leader in digital payments, and secured a strategic partnership with one of the largest government banks in Egypt and Africa. Nexta platform aspires to lead the market in these services to make it a competitive and healthy market. In addition, Nexta plans to redefine the meaning of customer experience for all digital citizens and their families across Egypt in an easy and efficient way by offering the "next generation of banking services" and ensuring an easier daily life for Egyptians by providing the so-called modern banking services. In addition to that, Nexta will provide easy and convenient money transfers for customers, alongside many other features expected to be launched in the future. Ibrahim Farag, CEO of Nexta, said: "We are proud that we won the confidence of CBE and the global company Visa, and this is only the beginning. The official announcement of the instructions and steps for electronic Know-Your-Customer and digital banking services will be made soon. We will be one of the first applicants to provide services in this huge market." Ahmed Hisham, Managing Director of Nexta, commented: "We at Nexta believe that our competitive advantage is team work. It is our real treasure that helps us fulfill the needs of customers. Nexta pledges to provide a new and useful banking experience to many market segments and contribute as a player important in creating the Egyptian era of digitization." Mohamed Okasha, Managing Partner at DisrupTech Ventures, said: "We believe that Egypt is witnessing a full phase of digital transformation, thanks to the unprecedented support that CBE provides. We are confident that Nexta's strong team is well positioned to pave the way for innovation through his distinguished and innovative performances."
