Fintech startup Swypex from Egypt introduces spend-limiting credit card for regulating expenses
In a groundbreaking move, financial management startup Swypex has launched its new spend control card, available exclusively through the Swypex Premium subscription. This innovative card is designed to revolutionise how companies manage spending, offering a modern solution for corporate finance.
Swypex's approval-based limits card is the country's first approval-based limits card, introducing dynamic, controlled spending features that enhance financial oversight and agility. The card operates like a rotating petty cash system, ensuring that no employee's spending exceeds what has been approved, thereby preventing overspending while maintaining flexibility for essential expenses.
The key features and benefits of the new card include dynamic spend limits with approval requirements, real-time visibility and control, a rotating balance model, seamless integration and usability, user-friendly mobile management, and enhanced financial security and agility.
With dynamic spend limits, the card's spending limits remain locked until each transaction is reviewed and approved by finance teams, ensuring spending is authorised in real-time, giving companies precise control over expenditures. Finance teams receive immediate insight into transactions, allowing them to monitor spending as it happens rather than retrospectively, enabling faster decision-making and reducing delays in expense management.
Swypex integrates the card with its broader financial management platform, which includes a financial dashboard, smart corporate cards, and accounting software compatibility. This centralises company finances for better operational efficiency. The approval-based limit cards are also accessible via Swypex’s mobile app, enabling users to manage cards, report and resolve issues quickly on the go, further streamlining spend control.
Ahmad Mokhtar, co-founder and CEO of Swypex, stated that the new spend control card empowers businesses to shift from chasing expenses to controlling them with clarity, speed, and confidence. He further added that the card brings a new standard of precision and agility to business finance.
Swypex, founded by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, is licensed by the Central Bank of Egypt. Last May, the startup raised US$4 million in seed funding led by the venture capital fund Accel. The new spend control card is part of the Swypex Premium subscription and is not available without it.
In summary, Swypex's approval-based limits card modernises corporate spend management by shifting companies from reactive expense tracking to proactive, approval-driven spending control, enhancing clarity, speed, confidence, and financial discipline across the organisation.
- Swypex, having raised $4 million in seed funding from venture capital firm Accel last May, has launched a fintech innovation in the form of an approval-based limits card, aiming to revolutionize the fintech industry by providing a modern solution for corporate finance and business spending.
- Recognized as the country's first approval-based limits card, the Swypex card offers features like dynamic spend limits, real-time visibility, a rotating balance model, seamless integration, user-friendly mobile management, and enhanced security, thereby promoting agility in the finance department of businesses.
- With the objective of empowering businesses to control expenses with clarity, speed, and confidence, Swypex's new spend control card integrates with its broader financial management platform, providing access to a financial dashboard, smart corporate cards, accounting software compatibility, and a mobile app for easy management and issue resolution on the go.
