- UAE-based fintech FlexxPay, has expanded to Egypt, to enlarge its presence in the Mena region.
- Founded in 2018 by Michael Trüschler and Charbel Nasr, FlexxPay is an instant pay platform for businesses. It allows employees to manage their salaries by using the app’s budgeting and savings tools.
- FlexxPay claims to have onboarded 100 customers and enrolled 15,000 employees across the Mena region.
FlexxPay, MENA’s rapidly-scaling tech platform for earned income access, has announced its expansion into Egypt. 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 the Greek Campus, Downtown Cairo.
FlexxPay estimates that around 20 million people across Egypt could benefit from early wage access.
FlexxPay CEO and co-founder, Michael Trüschler commented, “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.”
Research suggests that only around one-third of the population in Egypt has a bank account, which means between paydays many people struggle to access finance in the event of unexpected bill payments or emergencies. HR departments in a typical business waste up to 10 days a year processing salary advances. Through FlexxPay companies across Egypt can benefit from technology that can save time, money and enhance employee satisfaction and retention.
FlexxPay has built a strong reputation across the United Arab Emirates and Saudi Arabia since its launch in 2020. Co-founded by serial entrepreneurs Michael Trüschler and Charbel Nasr, the business announced in February that it had onboarded its 100th customer and enrolled 15,000 employees across the Mena region. FlexxPay research conducted with sample businesses onboarded to the platform proves it can reduce employee absenteeism by up to 20 per cent, increase productivity by up to 50 per cent and increase sales by up to 17 per cent.