Cairo – Mubasher: Nexta, an Egyptian fintech platform, has secured $3 million in a financing round led by e-finance For Digital and Financial Investments, according to a recent press release. 

Through Nexta, the EGX-listed company aims to provide advanced digital banking services in the Egyptian market. Founded in 2021, the fintech platform obtained initial approvals from the Central Bank of Egypt (CBE) six months ago to start operating its digital banking services.

Ibrahim Sarhan, Chairman and Managing Director of e-finance, said: “Our leadership of Nexta’s funding round is in line with e-finance’s investment strategy, which places a central focus on startups in the fintech field.”

Sarhan pointed out that the group is backing fintech startups within the framework of the CBE's policy to achieve financial inclusion and enhance digital banking services.

He added: “Our efforts in this field have already seen us co-found the NClude fund, which focuses on investing in fintech startups. These efforts will bolster e-finance’s impact on the present and future of fintech in Egypt.”

This follows e-finance’s participation in setting up Nclude, an investment platform for fintech innovation.

Meanwhile, Nexta’s CEO and Managing Director, Ahmed Hisham, said: “This is not just a funding round, and our relationship with e-finance marks much more than just a strategic partnership. e-finance has strengthened its position as a key partner in driving the Egyptian government’s push towards digitisation by developing integrated platforms that continue to lead the digital revolution in Egypt.”

In the first half (H1) of 2022, e-finance recorded a 76.50% leap in consolidated net profit to EGP 486.52 million, compared to EGP 275.56 million in H1-21, including minority shareholders’ rights.