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The founder of startup XPay — which was reported last week to have raised $250 000 from two angel investors — says he closed the deal after meeting the two at a social event where he got talking about his business to them.
In an email to Ventureburn today XPay founder Mohamed Abdelmottaleb (pictured above) said both investors are Egyptian and live in the UK.
“They both got very interested. We arranged for a couple of follow-up meetings and then signed the term sheet. Due diligence took about three weeks to complete,” he said.
He said the startup had signed the deal’s term sheet in January and received the investment last month.
The Cairo-based fintech, which Abdelmottaleb founded last year, develops financial solutions that help communities like universities, schools, social and sport clubs go cashless.
XPay will use the investment to grow its team and scale across Egypt
The startup intends to use the investment to capture a “significant portion” of the Egyptian market, as well as to grow the startup’s team, he said.
XPay currently consists of a team of seven, Abdelmottaleb said the startup plans to grow this to 15 by year’s end.
He explained that XPay is looking to hire business development, sales and marketing managers, as well as increase its development team capacity.
Tech publication Menabytes reported in an article last Friday (17 May) that XPay currently has 18 000 users from five communities using its services.
Abdelmottaleb told Ventureburn today that the startup aims to sign up 200 000 users by the end of the year. He also revealed that the startup plans to next year begin expanding outside of Egypt.
He added that the startup also plans to raise more funding before the end of the year. He hinted that this next round will be in the “seven-digit range”.
XPay is a part of the first cohort of the Startupbootcamp Fintech Cario accelerator, which is expected to graduate this Wednesday (22 May).
Abdelmottaleb said the accelerator has been instrumental in helping his startup secure partnerships with Visa, EBE Bank and other critical players in the fintech space.
Featured image: XPay CEO Mohamed Abdelmottaleb (Supplied)