Swypex Debuts Approval-Based Card to Modernise Egyptian SME Finances

When I first started covering the fintech scene across the MENA region for Arageek, I remember how much companies dreaded dealing with petty cash and manual spending approvals. It was a bit of a faff, let's be honest. Today, however, I came across something that could genuinely shake things up in Egypt's fintech sector.

Egyptian startup Swypex has just rolled out the country's first Approval-Based Limits Card, aiming to help businesses finally kick the habit of dealing with hard cash. It's basically a corporate card, but one with a nifty twist—each transaction is only cleared once it's specifically approved by the company's finance team in real-time. Think petty cash, but with far less hassle and no loose ends.

Now, I'm not generally a fan of buzzwords, but Swypex CEO Ahmad Mokhtar summed it up spot on when he described it as a "bridge between old-world cash management and modern, secure corporate spending." Companies often want to keep tight reins on spending without getting bogged down in paperwork or slowing things down—and this seems like precisely the flexible middle-ground they've been chasing.

The card sits within Swypex's new premium tier, giving finance teams total visibility into every single purchase before any money leaves their account. I reckon that's quite a powerful leap away from the traditional, static monthly limits that we typically see. In fairness, it dramatically reduces the risk of overspending or outright fraud, allowing businesses to empower their staff without losing financial control.

Let's put it into context. Egypt still has around 3.8 million businesses struggling with outdated manual processes, even though about 74% of adults nationwide are counted as financially included, and mobile wallet use is on the rise. But, for reasons probably only explained by decades of habit, cash remains stubbornly central to SME transactions. Swypex reckons—quite rightly, in my opinion—that this innovation could be just the spark these businesses need to finally modernise.

And the startup is hardly unknown in the fintech world. Just last year, Swypex snagged a noteworthy $4 million seed round led by the global VC heavyweight Accel, along with Foundation Ventures, Raba Partnership, and several big-name angel investors. Licensed by Egypt's Central Bank, Swypex aims to become an all-in-one hub, digitally transforming everything from invoice management to payments and corporate cards—basically doing all the boring stuff finance teams hate, really.

Co-founder and Chief Product Officer Tarek Mokhtar insists that their tools are custom-built for local market realities: "We build products that specifically cater to the needs of the local market while pushing boundaries and spearheading innovation in the region," he said. Believe it or not, these aren't just empty claims—the nuanced local understanding is pretty evident when you dive deeper into the details.

The Approval-Based Limits Card comes as part of Swypex Premium, which also throws in unlimited cashback, tailored approval workflows, and spend controls tuned to company-specific needs. My feeling is SMEs will be chuffed to bits at finally finding a sensible alternative to petty cash shenanigans.

Swypex isn't just offering a prettier, digital version of traditional corporate cards—they're actively reshaping how approvals and spending happen within Egyptian businesses. If they continue at this speed, I wouldn't be surprised to see Swypex become the infrastructure layer companies rely on for their entire financial workflow in the coming years.

If nothing else, it's one big headache less for SMEs wrestling with endless petty caching (well… I mean, cashing) nightmares.

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