Egyptian Fintech Nexta Raises USD 3 Mn Funding

Nexta, an Egyptian startup that plans to launch its banking app in the coming months, has secured a USD 3 Mn investment from eFinance Group, a state-owned provider of digital payments solutions. This follows the USD 2 Mn pre-seed round Nexta announced this March, led by Disruptech.

Last year, Nexta obtained a provisional license from the Central Bank of Egypt (CBE) and will look to fulfil further requirements and meet certain obligations before obtaining the CBE’s final approval for the agent banking license it needs to launch its services in the country. The Nexta app will have a partner bank to handle settlements and act as an intermediary between itself and the CBE–however, it’ll power its cards and tech.

Nexta is a “next-generation banking” platform that allows users to transfer money and aggregate their existing payment cards into one Nexta card. A Nexta card will aggregate the users’ existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come.