Accel leads $4M investment in Egyptian corporate cards platform Swypex [TechCrunch]
HSBC Holdings, plc. (HSBC)
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Source: TechCrunch
Cards are gaining ground in Egypt, with over 30 million in circulation (prepaid cards, particularly, are seeing more use than debit and credit cards combined). This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks, attracting millions of Egyptian consumers who previously relied mainly on cash for their transactions. The adoption of corporate cards tells a different tale. Businesses of all sizes have hesitated to embrace corporate cards because of limited access and inadequate spending controls over their usage. Traditionally, banks have been the primary providers of corporate cards across the country; however, fintech companies are now entering the scene to boost adoption. Swypex , one such fintech that's offering corporate cards and management tools for businesses, raised $4 million, which it will use to expand its business and technical capabilities of its platform. Image Credits: Swypex Arou
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