Egyptian fintech company Hollydesk has raised $325,000 as pre-seed funding led by angel investor Faisal Abdel Salam in participation with other investors. As a fintech startup, Hollydesk handles and follow-ups on corporate expenses and Egyptian accounts looking for finance. The newly secured funds will help Hollydesk to expand its business globally.
Mahmoud Moussa, CEO of Hollydesk told the media, “We seek to use the new funding to develop technologies for our solutions, assign new competencies within the team, and launch other services that will be announced soon with major Egyptian banks, which is in line with the Egyptian government’s plans to achieve financial inclusion, especially for workers within small and medium companies. We see a great opportunity in the field of digitising the part of following up on companies’ expenses, and this is only the beginning, and we aspire to what is greater than that by providing other solutions such as financing and other solutions to help these companies achieve greater growth for this sector.”
Founded in 2021, Hollydesk provides technological solutions to small and medium-sized enterprises to control their daily expense. The Hollydesk app helps employees file for their cash requests and reimbursements and it connects the company members within the system.
The app also allows instant communication between accountants, and people using the app can get quicker approval compared to the traditional and regular methods. In essence, the app provides an easier way to integrate suppliers, vendors and buyers of the system. Additionally, the app also helps employers transfer salaries through online banking or via Fawry. The company mentioned that currently, it has over 3000 clients from companies operating in sectors such as building, delivery and construction.