Cairo-based fintech startup XPay has raised USD 250 K in funding from a pair of unidentified angel investors. This investment development comes soon after the Egyptian company raised an unspecified amount of funding from the North African country’s first fintech-focused accelerator, EFG EV.
XPay is an online platform and mobile app developed to help communities afford a cashless routine. The mobile solution enables universities, schools, gyms, social and sports clubs as well as activities centers to set up their offerings and collect online payments.
The user-friendly app allows members in the said communities to book and pay for things under one minute, with the aid of credit/debit cards, cash collection, and mobile wallets, among others.
Mohamed Abdel Mottaleb and MennatAllah Sabry who co-founded the fintech last year were inspired to create this cashless system upon noticing the significant amount of stress involved in meeting payments.
In an interview with Kingdom of Bahrain-based Startup MGZN, Mohamed said “We suffered and found that many people suffered from strong anxiety regularly when it comes to payments for different members of the family, from tuition fees, memberships, and extracurricular activities.
Handling different deadline and the need to go in person to pay is very exhausting and wastes a significant amount of time. We are solving this issue but providing XPay mobile app for families”.
The startup which will use the just-raised funds to execute its growth plans and expand its team, currently has five communities using its app-based services.
With more than 18,000 users already, the founders look to take the number to 200,000 before the year runs out. It is currently searching for local talent to help champion its ambitions and foster the inclusive growth of the company.
Mahmoud El-Zohairy, Managing Director of EFG EV Fintech, said, “We believe in the evolution of financial services and in empowering and supporting Egypt’s local talent poised to drive the next wave of fintech innovation.
XPay is a revolutionary electronic payment solution, backed by a very seasoned founder, that allows closed communities to digitize payments and payment collection while providing community members and management with a variety of value-added services along the way.”
Featured image via Menabytes.