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Accel leads $4M investment in Egyptian corporate cards platform Swypex

TechCrunchTechCrunch · 7m
Accel leads $4M investment in Egyptian corporate cards platform Swypex

Egyptian fintech company Swypex is aiming to boost the adoption of corporate cards in the country. While individuals have increasingly embraced card usage, particularly prepaid cards, businesses have been slower to do so due to limited access and lack of spending controls. Swypex offers corporate cards and management tools for businesses, allowing them to set smart controls on spending and providing a centralized dashboard for expense management. The company has raised $4m in funding and plans to expand its services and technical capabilities. The Central Bank of Egypt has launched initiatives to reduce cash-based transactions and encourage digital payments, providing a regulatory environment conducive to Swypex's operations.

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