Hollydesk, a Cairo-based fintech, has launched a $325,000 pre-seed funding round led by angel investor Faisal Abdel Salam, who was joined by additional investors.
Hollydesk manages and follows up on corporate costs and Egyptian accounts seeking funding as a fintech company. Hollydesk’s expansion goals to other nations will be aided by the new cash received.
Hollydesk was formed in June 2021 by Mahmoud Moussa, the CEO, to provide technical solutions that enable SMEs to track and control their everyday spending. Employees can then seek payments and reimbursements via the Hollydesk app, which connects company members.
This program demonstrates that accountants can communicate instantly, and budget approvals can be obtained faster than traditional ways. There is also a simpler way to link the system’s suppliers, vendors, and purchasers.
Mahmoud Moussa, CEO of Hollydesk, expressed his delight at the company’s new investment, stating that it will allow for growth and horizontal expansion of the company’s services.
“We intend to use the new funding to design technologies for our solutions, implement other services that will be announced soon with other Egyptian banks, and assign new competencies within the team to achieve financial inclusion, particularly for workers in small and medium businesses,” says the company CEO.
Hollydesk has been the first financial technology business in Egypt to be sponsored in the field of managing SMEs costs and accounts as a result of this funding.
“The company is providing digital solutions that bridge the gap that many small and medium-sized businesses in the Middle East and North Africa suffer from,” said lead investor Faisal Abdul Salam.
One of the most significant factors in a startup’s success is the team’s level of harmony and integration, which we witness in the Hollydesk team.
Their belief, particularly in the concept of their initiative, is strong, and we were encouraged to invest and help them, he continued.