Nexta, an Egypt-based fintech and next-generation banking platform, is scheduled to debut with $2.2 million in investment after successfully meeting all CBE regulations and requirements. Disruptech was in charge of the pre-Seed round, which included significant international backers.
The fintech disruptor wants to reinvent the definition of user experience for all Egyptian digital natives and their households. Nexta, which has launched “next-generation banking,” offers Egyptians a better everyday life by delivering “lifestyle banking.”
This is accompanied with an unrivaled digital experience. A Nexta card will combine a user’s existing payment cards, allowing for quick and secure money transfers, as well as a slew of additional benefits.
Founded by Ibrahim Farag and Ahmed Hisham in 2021, with a seasoned team and visionary BOD, Nexta is expected to rise quickly in the Egyptian Fintech space and create a unique experience for the Egyptian population, a “next-generation banking” experience.
“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. We await the formal announcement of the EKYC and Digital Banking Guidelines to be one of the early applicants. This is a vast market, and we are leading the wave,” remarked Ibrahim Farag, CEO and Co-founder at Nexta.
After locking a solid partnership with Visa, the world leader in digital payments, and securing a partnership with one of the largest state-owned banks in Egypt and Africa. The Egypt-based fintech aspires to lead the wave of what will be a competitive and healthy market.
“We at Nexta believe that our competitive edge is further highlighted through the mere fact that we have created a strong team, empowered through its diversity in expertise, backgrounds, and exposure,” commented Ahmed Hisham, the Managing Director and Co-founder at Nexta.
Nexta pledges to provide a new and wholesome banking experience for numerous market segments and contribute as a significant player to the creation of the Egyptian era of digitisation.
“Our partnership with Visa allows for exchanging expertise and penetrating an upcoming market.” Malak ElBaba, Egypt Country Manager at Visa, added, “We are delighted with such partnership as it aligns with our strategy to backing Fintech as the enablers for financial inclusion. Nexta needed a partner that was committed to supporting their breakthrough into the market and delivering something truly distinctive. That’s where Visa is able to support with its global network capabilities and cross-market expertise.”
Nexta will be able to utilise its newly acquired funds to launch its much anticipated digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships.
Mohamed Okasha, Managing Partner at Disruptech concluded, “We believe that Egypt is witnessing a complete phase of digital transformation, thanks to the unprecedented support from the CBE. We are confident that Nexta’s strong team is well-positioned to pave the way in innovation with its disruptive offerings.”