Founded in 2018, XPay is a platform enabling cashless transformation of communities and businesses and despite the dozens of fintech players in the MENA region, this startup has spent the past 4 months accomplishing aggressive growth.
XPay Expands in COVID-19
One of their unique edges as a fintech player is their boasted “fastest onboarding” available, which means any business can contract and fully integrate with XPay in a matter of days. That was especially handy during the COVID-19 and when offices moved to work from home. With the growth in cashless payments, XPay was able to capitalize on this market opportunity and turn it into acquisition of accounts. Their transaction fee is on average 2.5% and reaches 2% with strategic businesses as well as discounted programs for businesses affected by the pandemic.
In just one quarter, the team managed to sign over 30+ accounts, achieving over 300% growth. Consequently, XPay processed their first 1 million EGP.
Fintech: A Highly Competitive Yet Lucrative Market
According to the report by Milken Institute, there will be 465 fintech companies in the Middle East by 2022, that will raise over $2 billion in venture capital funding, compared to the 30
FinTechs that raised nearly $80 million in 2017. It’s also important to note that this was also the forecast even before the global changes to cash and consumer behaviour. It could possibly be higher, now that fintech has accelerated its dominance in the past 4 months.
XPay has customized all the payment possibilities, to make sure they fit in all cases.
Nader Abdelrazik, the Chief Business Officer at XPay, adds: “We built a very customizable set of tools when it comes to payments. We have modules for memberships, events, services, product catalogues, API integrations, direct invoicing, subscription and recurring, telesales and academies. We leverage open source technologies and product modularity to ensure we can customize in a scalable way.”
Watch Out for This Team
XPay’s team is composed of 12 highly experienced members, with over 50 years of combined experience and heavy startup involvement. Mohamed Abdelmottaleb, the CEO and a nanotechnology professor, is half of that, having started Trendak, an Arabic big data analytics and AI company previously in 2011, and 2 other startups.
Mustafa Eid, the CTO of XPay was a previous serial entrepreneur himself, have co-founded Bteekh.com, the GIPHY of Egypt, and Egyncy. Now, he is leading the technology development of the company. He works closely with Nader Abdelrazik, the CBO, a UC Berkeley alumni who has over 10 years of experience in business development and management consulting, worked with 2 other startups and a great portfolio of consulting clients such as Microsoft. These three, along with the rockstar team, are vowing to expand XPay to the rest of the MENA region by next year.
What’s Next for XPay
XPay is aiming to be the lifestyle banking service provider for the youth of the MENA region. Through acquiring community businesses, they aim to target youth in a safe platform under the supervision of their guardians. This allows them to acquire one of the largest unbanked demographics in the region, and be able to provide them with a multitude of financial services based on a strong and long relationship.
In the next few quarters, XPay plans to maintain their acquisition power, expand their user activation and increase their transactions processed. Furthermore, they plan to expand into the e-commerce and consumer side of fintech services, and get fully geared up for their geographical expansion in 2021.
XPay is a consumer-centric company because their platform onboards the user too, not just the merchant. This allows them to acquire and retain the user directly, which can be pivotal for businesses looking for more than just a payment gateway.
XPay is one of the most technically powerful payment options in the Egyptian market, and COVID-19 has allowed them to gobble up additional market share due to their customizable and easy to integrate technology.