Egyptian startup Nexta, that plans to launch its banking app in the coming months raised $3 million investment from eFinance Group, a state-owned provider of digital payments solutions.
Nexta wants to disrupt the Egyptian fintech scene with its “next-generation banking” app and card. According to the company, the Nexta card will aggregate users’ existing payment cards, allowing more effortless money transfer and tracking spending, among other features. Last year, Nexta obtained a provisional license from the Central Bank of Egypt (CBE) and will look to fulfill 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.