UAE-based fintech startup FlexxPay has opened a new office in Cairo as part of its expansion into Egypt.
According to the company statement, “The business has quickly grown across the United Arab Emirates and Saudi Arabia, and now enlarges its presence in MENA with the opening of a new office in Egypt.” FlexxPay estimates that around 20 million people across Egypt could benefit from early wage access.
According to the reports, only around one-third of the population in Egypt has a bank account, which means between pay days many people struggle to access finance in the event of unexpected bill payments or emergencies.
Through FlexxPay, companies across Egypt can benefit from technology that can save time, and money as well as enhance employee satisfaction and retention.
Mr. Michael Trüschler, CEO and co-founder of FlexxPay said that, “Launching in Egypt is a proud and significant moment for FlexxPay. 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,” Mr. Trüschler added.
Last year, Flexxpay raised $3 million in a pre-series A round in order to further enhance its technology platform and grow its corporate client base in the region.
Established in 2020, FlexxPay is the leading Earned Income Access & Benefits platform in the UAE. FlexxPay improves employee productivity, retention rates, and sales by removing financial stress from employees and increasing employee motivation.