Egyptian fintech startup XPay has secured $250,000 in pre-seed funding from two angel investors. XPay is part of the cohort currently participating in Startupbootcamp Fintech Cairo.
XPay was founded in 2018 by Dr. Mohamed AbdelMottaleb, to empower communities to go cashless. The startup enables universities, schools, gyms, social and sports clubs, residential compounds and different other communities to set up their offerings and collect payment online. XPay’s mobile app allows members in these communities to pay in less than a minute using debit/credit cards, mobile wallet, and a cash collection service.
“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,” Dr. Mohamed AbdelMottaleb, founder and CEO of XPay, told MENAbyte.
The startup plans to use the use this funding to grow the company and also expand its team.