Cairo-based fintech startup, XPay, has raised $250k in a pre-seed funding round financed by two angel investors. According to the startup, the funding would be used to expand its reach and secure it for more corporate partners.
Launched last year, XPay helps communities – schools, clubs, residential compounds and individuals to go cashless. Using its community management platform, the startup enables users automate their payment collection online. It also allows individuals to make payments for bills/subscriptions using their debit/credit cards or mobile wallet through its mobile app.
Founded by Mohamed AbdelMottaleb, the startup reportedly raised this new funding from two Egyptian angel investors he met at a social event. According to Ventureburn, both investors got very interested in the startup immediately and arranged for follow-up meetings to finalize the process.
This latest investment serves as a massive boost for the young startup having previously raised $35,000 from fintech-focused VC firm, EFG EV Fintech.
The startup was also a part of the first cohort of the Startupbootcamp Fintech Cairo accelerator programme.
And now, with this investment, XPay is focused on expanding its reach as well as partnering with corporate investment and finance companies interested in promoting cashless solutions. Already, it has secured partnerships with Visa, EBE Bank and other major players in the fintech space.
The startup also plans to build its team of 7 to about 15 members which will consist of local talents.
“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…We are recruiting visionaries who share our passion for creating tech-based solutions to everyday anxieties”XPay Founder, Mohamed AbdelMottaleb.
Currently, XPay has 18,000 users from 5 communities using its services. The startup hopes to sign up about 200,000 by the end of the year. It is also looking forward to raising a “7-digit” funding figure before the end of the year.