Egypt’s FinTech startup XPay raises $250,000
It's currently part of Startupbootcamp Fintech Cairo’s first cohort.
FinTech is one of the favourite sectors for investors to bet their money on. After e-commerce growth, it is quickly becoming apparent that FinTech is the next big thing in the MENA region.
Two angel investors have bought a stake in XPay, a Cairo-based FinTech startup, in a $250K pre-seed funding round. Previous to this, they raised funds from EFG EV Fintech, a Fintech-focused accelerator in Egypt.
XPay is currently part of Startupbootcamp Fintech Cairo’s first cohort. It enables universities, schools, gyms, social and sports clubs, residential compounds and different other communities to set up their offerings and collect payment online through its community management platform. It also supports individual customers do the same through its mobile app.
The startup plans to use this latest investment to execute its growth plans and expand its team, enabling society to go cashless.
With so many of FinTech platforms being set up across the world, very soon we could be part of a world where paper currency becomes a rare possession. Wallets becoming slimmer, integrating into our lives through only mobile apps.
Read more about XPay’s pre-seed round here.
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