UAE’s fintech startup FlexxPay expands into Egypt

FlexxPay, MENA’s tech platform for earned income access, has announced its expansion into Egypt by opening a new office in Greek Campus, Downtown Cairo.

The company estimates that around 20 million people across Egypt could benefit from early wage access.

FlexxPay CEO and co-founder Michael Trüschler commented, “There is a real opportunity to support businesses across Egypt with financial technology that can greatly improve productivity and the lives of employees and support the digital transformation of companies. Through flexible access to earned income, employees can access the money they’ve already accrued, reducing financial stress and ultimately leading to happier and more productive workplaces.”

Research suggests that only around one-third of the population in Egypt has a bank account, which implies that many individuals struggle to get money between paydays in the case of unexpected bill payments or emergencies. Human resource departments in a typical business lose up to 10 days a year processing salary advances. Companies in Egypt may benefit from FlexxPay’s technology, which can save time and money while also improving employee satisfaction and retention, a statement said.

The company has built a strong reputation across the UAE and Saudi Arabia since its launch in 2020. Co-founded by Trüschler and Charbel Nasr, the business announced in February that it had onboarded its 100th customer and enlisted 15,000 workers across the Middle East and North Africa.

Last year, Flexxpay raised $3m in a pre-series A round.The company had then said that it will use the funds to further enhance its technology platform and grow its corporate client base in the region.

Read: FlexxPay raises $3m in pre-series A round to enhance technology platform

The round was joined by international and regional investors including JIMCO, Target Global, Wamda, DIFC FinTech Fund, March Holding, Arzan VC, SuknaVentures, Nuwa Capital and VentureSouq.

Companies from various industries including insurance, telecoms, retail, logistics, financial services and real estate, form part of FlexxPay’s portfolio.