- Cairo-based fintech Hollydesk has closed a $325,000 pre-Seed investment round from angel investor Faisal Abdel Salam and other investors.
- Founded in June of 2021 by Mahmoud Moussa, Hollydesk allows SMEs to monitor and control their daily expenses and pay their employees through its mobile app.
- Hollydesk claims to have garnered more than 3000 clients from companies in different sectors such as building, construction, and delivery.
- The newly acquired funding will support Hollydesk’s expansion plans into other countries in the region.
Hollydesk, a Cairo-based financial technology company, announced that it has closed a $325,000 pre-seed investment round.
The investment round was led by the angel investor Faisal Abdel Salam and other investors, thus making Hollydesk the first financial technology company in the field of managing SMEs expenses and accounts in Egypt to get funded.
Hollydesk was founded in June of 2021, and it provides technology solutions to help small and medium-sized businesses monitor and control company's daily expenses anywhere in real-time, where employees can request all petty cash and custody through the Hollydesk application, which connects all members of the system within the company "stores - financial management - human resources - managers".
The application allows the speed of communication between the members of the system for instant approval, and the finance team approves in a few minutes the settlement operations through simple clicks through the application.
Employees can get their money through all banks, digital wallets, and PoS machines for electronic payment companies such as Fawry, and also employees can easily register suppliers, attach invoices, get approvals and pay the supplier from within the application.
Mahmoud Moussa, CEO of Hollydesk, expressed his happiness at the company’s new investment and that it will help Hollydesk grow and continue the horizontal expansion of its services.”
Mahmoud Moussa said, "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."
He added that the company plans to expand its services and solutions in new markets in the region.
Mahmoud Moussa said, "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."
For his part, Faisal Abdul Salam, the main investor in the latest investment round collected by Hollydesk, we are very happy to participate in driving the growth of the company, especially as it provides digital solutions that fill a gap that many companies in the Middle East and North Africa suffer from, especially small and medium-sized companies.”
Hollydesk solutions help companies better manage their resources efficiently and shorten the cache cycle.
Abdul Salam added, "One of the most important reasons for the success of startups is the extent of harmony and integration of the work team, as well as the strength of their belief in the idea of their project, which we felt from the Hollydesk team, and encouraged us to invest and support them."
Moussa says that the company has been able to expand its solutions and services during the last period to include more than 3000 clients from companies in different sectors such as building, construction, and delivery, as well as startups and some NGOs.