The disruptive fintech platform is due to launch after successfully satisfying all CBE regulations and requirements. The upcoming giant is expected to make its debut after securing in $2.2M in pre-seed led by Distruptech Ventures, with participation from other selected international investors.
Following 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 Fintech start-up aspires to lead the wave of what will be a competitive and healthy market.
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Nexta, the Fintech Challenger, intends to redefine the meaning of user experience for all digital natives and their households throughout Egypt. Introducing “next generation banking,” Nexta promises better everyday lives for Egyptians via providing what is known as “lifestyle banking”. This comes side by side with an unparalleled digital experience. A Nexta card will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of others features to come.
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 scene and create a unique experience to the Egyptian population, a “next generation banking” experience.
Ibrahim Farag, Nexta’s CEO, remarks: “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.”
Ahmed Hisham, Nexta’s Managing Director, comments: “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. 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 digitization. Our partnership with Visa allows for exchanging expertise and penetrating an upcoming market.”
Malak ElBaba, Egypt Country Manager, Visa, added “we are delighted about this partnership with nexta as it aligns with our strategy to support Fintech as the enablers for financial inclusion, nexta needed a partner that was committed to helping them breakthrough in the market and deliver something truly different. That’s where Visa was able to help with its global network capabilities and cross-market expertise.
Mohamed Okasha, Managing Partner at Disruptech said: “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.”