Nexta raises $2.2m in a Pre-Seed round

Egyptian Fintech and next-generation banking startup Nexta has announced it is set to launch operations after satisfying all Central Bank of Egypt (CBE) requirements and securing a $2.2 million pre-seed funding round.

The pre-seed funding round was led by Disruptech with the participation of key international backers, while Nexta is also announcing a partnership with Visa, as well as a partnership with one of the largest state-owned banks in Egypt and Africa in the form of the CBE.

Nexta a digital bank founded in 2021 by Ibrahim Farag and Ahmed Hisham. The startup aims to provide better everyday lives for Egyptians by providing “lifestyle banking”. Via its Nexta card, the startup will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come.

“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,” said Farag.

Malak ElBaba, Egypt country manager at Visa, expressed delight on the partnership while saying that Nexta’s strategy of backing fintech startups as the enablers of financial inclusion also aligns with its vision.

“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,” he said.

Nexta is expected to rise quickly in the Egyptian FinTech scene and create a unique experience for the Egyptian population. The startup will use the 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.