Fintech Startup Money Fellows Raises $31M in Funding, Plans to Diversify Portfolio
Nexta, an Egypt-based fintech and next-generation banking platform focused on simplifying money management for users, has secured a $3 million investment.
The investment round was led by e-finance, Egypt’s leading provider of digital payment solutions, and the backbone of the Egyptian government’s digital transformation strategy.
This new investment comes after the startup raised a pre-seed round of $2 million in March, which was led by DisrupTech, Egypt’s leading fintech venture capital firm focused on investing in early-stage fintech and fintech-enabled startups.
With a goal to disrupt the fintech scene in Egypt and across Africa, Nexta is creating a “Next Generation Banking Experience” that will redefine the way digital natives and their households handle money.
By introducing “next generation banking”, Nexta promises better everyday life by offering what is called lifestyle banking. It will also launch a Nexta card that allows for instant, easy and reliable money transfer, budgeting, tracking of expenses and a host of other features to come. The digital bank is looking to get its final license in a few weeks, after satisfying all the CBE’s regulations.
Speaking about Nexta’s recent investment, lead investor in the funding round, e-finance’s Chairman and CEO, Ibrahim Sarhan, said “Nexta is among the promising companies funded by the group within several targeted investments.
“It is worth noting that the group helped establish Nclude an investment fund to invest in new fintech companies, thereby improving the current and future direction of fintech in Egypt.”
Commenting on the funding round led by e-finance, Nexta CEO Ahmed Hisham said, “I wouldn’t call it a funding round. It’s more of a strategic partnership.
“e-finance has cemented itself as an integral partner in the Egyptian government’s push for digitization by developing integrated platforms that lead Egypt’s digital revolution. We are very happy to have them on board. We are already part of the nationwide digital transformation.
“The demand for digital financial services is increasing day by day, we believe that there is a huge opportunity for us to offer a differentiated and unique experience to different users in such a promising market.”
Born out of a desire to redefine payments and money management in Egypt, Nexta is continuously developing its suite of tools, as well as constantly upgrading and introducing new features to simplify money management for users.
