XPAY, CASHLESS COMMUNITY PLATFORM, RAISES $250K IN PRE-SEED FUNDING

XPay has secured a $250K investment from two angel investors who identify Egypt and the region as ripe for fintech expansion and activation across various sectors. This follows an initial investment from EFG EV Fintech, Egypt’s first fintech-focused investment company. The startup is also currently part of the Startupbootcamp Fintech Cairo.

XPay is a platform that empowers communities to swiftly and seamlessly make the transition to cashless payments. Universities, schools, clubs and residential communities use XPay solutions to digitally manage payments and financial transactions.

“XPay was established to become the platform of choice for all members of the family – eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living,” Mohamed AbdelMottaleb, Founder and CEO said in a statement.

The most recently secured funds will be directed to the company’s growth.

“We are planning to do mainly two things with the investment: expanding the team and acquiring more users on the platform. This is 80% where the investment is going to go. We aim to cross 100,000 users by the end of 2019,” AbdelMottaleb told Egyptinnovate.

The startup is now searching for local talent to take part in the company’s coming stage of development and community engagement.

“We are recruiting visionaries who share our passion for creating tech-based solutions to everyday anxieties,” added AbdelMottaleb, who acknowledges with thanks the support XPay has received throughout the past year at both the AUC Venture Lab in Cairo and Womena accelerator program in the UAE.