nexta, an Egyptian company, has received a $3 million investment from e-Finance Group, a state-owned supplier of digital payment solutions. It intends to debut its "next-generation banking" app and card in the upcoming months. Ahmed Hisham founded nexta in 2021. According to the firm, the nexta card will combine customers' current payment cards, enabling easier money transfers and offering features like spending tracking.
Additionally, earlier this year, nexta secured $2 million in a pre-seed round of funding. The firm focuses on streamlining financial operations thus, making financial planning easy, quick, and affordable.
"nexta is among the most 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," Ibrahim Sarhan, e-finance's Chairman and CEO, said.
On the continent of Africa, Egypt has some of the highest consumer spending rates. Before receiving the Central Bank of Egypt's (CBE) final permission for the agent banking licence it requires to begin operations in the nation. nexta obtained a provisional licence from the CBE last year and will work to fulfil other conditions and meet specific responsibilities.
Nexta, being the region's one of the most cash-reliant markets, fintech companies holds a huge opportunity to move consumer spending online by introducing card services. Egyptians seeking innovative substitutes to telco-powered mobile wallets and old bank digital channels might turn to nexta and Telda, the Sequoia-backed fintech that recently announced a $20 million seed round.
Telda, which enabled signups from its upcoming apps, nexta has restricted its waitlist to signups through its website, engaging users via content marketing in advance of its launch. Hisham declined to tell how many customers were in the queue for the business. However, as the demand for financial services in Egypt rises, Hisham, who refers to this investment as a strategic partnership rather than a capital round, said nexta is happy to have e-finance on board.
The investment's revenues will aid nexta in hiring staff, thus developing its technology and preparing for its launch.
About nexta
nexta is a platform that allows users to transfer money and aggregate their existing payment cards into one nexta card. nexta was founded by Ahmed Hisham in 2021. With a constantly developing set of services, they are committed to streamlining money management and making financial duties simple, quick, and economical.
