The use of cards, particularly prepaid ones, is on the rise in Egypt, with over 30 million in circulation, thanks to incentives introduced by fintech companies and banks. However, adoption of corporate cards among businesses has been slow due to limited access and insufficient spending controls. Fintech firms like Swypex are now stepping in to address this gap by offering corporate cards and management tools.
Swypex recently raised $4 million to expand its platform, aiming to serve the 3.8 million businesses in Egypt facing challenges with complex financial systems. These businesses often rely on multiple disconnected methods for handling finances, leading to inefficiencies and increased risk of employee fraud. Despite these challenges, there are positive regulatory developments, such as initiatives by the Central Bank of Egypt to reduce cash transactions and promote digital payments.
Swypex, founded in early 2022, spent its first year obtaining licenses and ensuring regulatory compliance before launching its beta version to 100 customers. CEO Ahmad Mokhtar highlights the company’s focus on addressing the specific needs of businesses, including the need for greater visibility over finances and modern banking services.
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