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UAE-based tech platform for earned income access, FlexxPay, has announced its expansion to Egypt.
Based on the company’s estimates, around 20 million Egyptians could benefit from the early wage access benefits provided by FlexxPay.
According to research on the field, about one-third (32%) of Egypt’s population has access to a bank account, with many struggling to access money between paydays in case of emergencies or unexpected bill payments. As HR departments and SMEs across the country may take up to 10 days to process salary advances, FlexxPay’s technology aims to drive financial inclusion and overall improve employee satisfaction.
The fintech offers flexible access to earned income, while employees can access the money they currently accrued at any time, reducing financial stress, and allowing them to reach financial security.
Launched in 2020, the fintech already built a good reputation across the UAE and Saudi Arabia, enlisting 15,000 workers across the MENA region. In 2021, it raised USD 3 million in a pre-series A funding round led by Jimco, with the participation of Target Global and VentureSouq, among others.
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