Accel leads $4M investment in Egyptian corporate cards platform Swypex
- Over 30 million cards, including prepaid cards, are in circulation in Egypt, with a 14% increase in card usage in the last four years.
- Swypex, a fintech startup, raised $4 million to expand its business and technical capabilities in offering corporate cards and management tools for businesses.
- Around 3.8 million businesses in Egypt face challenges with complicated financial systems, causing inefficiencies and employee fraud.
The increasing adoption of cards in Egypt, driven by fintech companies and banks, presents a significant opportunity for businesses to transition from cash-based transactions. However, the hesitancy in adopting corporate cards due to limited access and spending controls highlights the need for innovative solutions like Swypex. Swypex's comprehensive financial management platform, with its focus on customization and user experience, has the potential to revolutionize the corporate card market in Egypt.
