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Wednesday, 19 October 2022

Fintech Nexta snags USD 3 mn from e-Finance + E-commerce startup Kenzz lands USD 3.5 mn seed round

Fintech startup Nexta has closed a USD 3 mn round led by EGX-listed e-payments giant e-Finance, according to a press release (pdf).

About Nexta: Founded by Ibrahim Farag (LinkedIn) and Ahmed Hisham (LinkedIn) in 2021, the company allows users to transfer money and aggregate their payment cards into a single Nexta card. The company concluded its first funding round in March, raising USD 2.2 mn led by Disruptech.

E-Finance “attaches great importance to supporting digital banking startups” in line with the central bank’s financial inclusion push, said e-Finance chief Ibrahim Sarhan. E-Finance has been on an aggressive expansion drive since listing, rolling out new lines of business, pushing into new geographies, and looking at what technologies it needs to incorporate into its platform going forward.

E-commerce startup Kenzz raised USD 3.5 mn in a seed funding round led by Outliers Venture Capital, according to a statement (pdf). Other participating VCs include HOF Capital, Foundation Ventures, and Samurai Incubate, alongside unnamed angel investors.

What’s Kenzz? Founded earlier this year by Ahmed Atef, Mahmoud Al Silk and Moataz Sami, the company’s e-commerce platform offers products direct from manufacturers and importers, emphasizing reliability and a sustainable growth model, according to the statement. It aims to bring a social dimension to online shopping by offering steeper discounts to customers who share or buy with friends and family.

Where will the money go? Kenzz will invest in expanding its team and product range, and to launch a new app.

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