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Tuesday, 26 April 2022

UAE-based fintech platform FlexxPay to make Egypt its third market

FlexxPay lands in Egypt: UAE-based fintech platform FlexxPay is expanding to Egypt, it announced in a press statement (pdf) last week. The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia, and is now making Egypt its third market with the opening of an office at the Greek Campus in Downtown Cairo. FlexxPay did not respond to Enterprise’s questions about the specifics of its launch or its targets.

About FlexxPay: Founded in 2020, the platform provides businesses and employees with an instant pay platform, instead of the traditional pay cycle. The app allows employees to manage their salaries with budgeting and savings tools.

The more, the merrier: FlexxPay’s entry to Egypt comes as more fintech players widen their presence in the country. Last week, China-backed fintech player OPay received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP). Other Africa-focused fintechs such as Churpy and ImaliPay have said recently they are preparing to set up shop in Egypt.

IN OTHER STARTUP NEWS–

Local fintech and NBFS player Noqood Holding and subsidiary Kash Now have launched their services, the company said in a press release (pdf) last week. Noqood founding partner and MD Abdelrahman Ali said the launch aims to create “an active entity in non-banking services and investing in financial technology aimed at startups and [SMEs].” The group’s other subsidiaries include: Noqood Fintech, Noqood Technology Solutions and Noqood for Electronic Payments Solutions. Kash Now offers financing services for businesses including advance salary payments and corporate cards.

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