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Fintech startup Hollydesk raises $325K in pre-seed round

1 week 1 day ago

Cairo-based fintech startup, Hollydesk, announced closing a pre seed funding round with 325K dollars.

The funding round was led by angel investor Faisal Abdeslam and other investors, making Hollydesk the first fintech company in the field of managing and tracking corporate expenses and accounts in Egypt to receive funding.

Hollydesk was founded in June 2021 and offers technical solutions to help SMEs follow up and control their everyday expenses. Employees can request all petty cash and custody through the Hollydesk app, which links all system members within the company to "human resources management stores."

The app allows rapid communication between system members and the Panel of Accounts approves the adjustments in a few minutes through simple clicks across it.

Employees can receive their money through all banks, e-wallets and e-payments companies such as Fawry. They also can register suppliers, attach invoices, obtain approvals and pay to the supplier from the app.

Mahmoud Musa, CEO of Hollydesk, was pleased that the company had secured the fund that would help it grow and continue to expand its services horizontally. He said “We plan to use new fund to develop our own technologies, hire new talents within the team and launch other services that will soon be announced with major Egyptian banks, which are in line with the Egyptian government's plans to achieve financial inclusion, especially for workers in small and medium enterprises.”

“The company plans to expand its services and solutions in new markets in the region,” added Musa. "We see a great opportunity in the area of digitization of the corporate outlay segment, which is only the beginning. We aspire even more to offer other solutions such as finance and other solutions to help these companies achieve greater growth for this sector."

From his part, Faisal Abdeslam, the main investor of the recent funding round compiled by Hollydesk, said, "We are very happy to be involved in driving the growth of the company, especially as it offers digital solutions that fill a gap for many companies in the Middle East and North Africa, particularly small and medium-sized enterprises."

Hollydesk solutions help companies better manage their resources efficiently and shorten the cash cycle.

"One of the most important reasons for the success of startups is the consistency and complementarity of its team, as well as the strength of its belief in the idea of the project, which we have seen from Hollydesk Team, and this encouraged us to invest in and support them,” added Abdeslam.

Musa states that the company has been able to expand its solutions and services over the past period to include more than 3000 clients from companies in different sectors such as construction, and delivery, as well as startups and NGOs.

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