Egyptian fintech startup XPay has secured a US$250,000 funding round from two angel investors as it looks to expand its reach and secure more corporate partners.
XPay helps communities such as universities, clubs, residential compounds and more automate daily tasks and transactions, helping users easily pay regular bills and subscriptions.
“XPay was established to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living,” said the startup’s founder and chief executive officer (CEO) Dr Mohamed AbdelMottaleb.
The startup has now raised US$250,000 from two angel investors. It is the latest boost for XPay, which raised initial investment from fintech-focused VC firm EFG EV Fintech last year and has also been taking part in the Startupbootcamp Fintech Cairo accelerator programme.
XPay is now focusing on expanding its reach, and is currently in discussion with corporate investment and finance companies interested in promoting cashless solutions. The startup also plans to build its team, and is identifying local talent to be part of its coming stage of development and community engagement.
“We are recruiting visionaries who share our passion for creating tech-based solutions to everyday anxieties,” said AbdelMottaleb.
EFG EV Fintech managing director Mahmoud El-Zohairy said his company believed 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 digitise payments and payment collection while providing community members and management with a variety of value-added services along the way,” he said.
Ahmed Elsherif, director of Startupbootcamp Fintech Cairo, said it was a pleasure to be working with XPay as it was providing access to an end-to-end suite of financial services and payment facilities for a multitude of communities and verticals within the economy.
“Mohamed AbdelMottaleb has demonstrated that XPay has the potential to become a key player in Egypt’s financial inclusion; enabling access to financial products that will impact the lives and futures of Egyptians for generations to come,” he said.
