Egyptian Fintech startup, Hollydesk, has announced it raised $325k in pre-seed funding round to further expand its services and solutions in new markets in the region. The round was led by angel investor Faisal Abdel Salam and other investors.
Hollydesk is a Cairo-based Fintech startup launched in 2020 to manage SME company’s daily expenses and accounts payable from end to end.
By way of its services, Hollydesk help employees in submitting work-related invoiced and getting paid in no time, while keeping organization financial records clean. All petty cash and custody requests can be made through the Hollydesk application, which connects all members of the system within the organization.
Employees may collect their money from any bank, digital wallet, or pos machine for electronic payment firms like Fawry, and they can also register suppliers, attach invoices, receive approvals, and pay the provider using the app.
Mahmoud Moussa, CEO of Hollydesk speaking said that Hollydesk has been able to grow its solutions and services to encompass more than 3,000 clients. He also added that the startup plans to launch other services and partner with other Egyptian banks.
“We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced soon with major Egyptian banks, which is in line with the Egyptian government’s plans to achieve financial inclusion, especially for workers within small and medium companies.
“We see a great opportunity in the field of digitizing the part of following up on companies’ expenses, and this is only the beginning, and we aspire to what is greater than that by providing other solutions such as financing and other solutions to help these companies achieve greater growth for this sector,” Mahmoud said.
Faisal Abdul Salam, the lead investor in the latest round of investment said: “We are very happy to participate in driving the growth of the company, especially as it provides digital solutions that fill a gap that many companies in the Middle East and North Africa suffer from, especially small and medium-sized companies.”
“One of the most important reasons for the success of startups is the extent of harmony and integration of the work team, as well as the strength of their belief in the idea of their project, which we felt from the Hollydesk team, and encouraged us to invest and support them”.