Fintech startup FlexxPay launches in Egypt

FlexxPay estimates that around 20 million people across Egypt could benefit from early wage access.

“With a population of more than 100 million people and a workforce of almost 30 million, Egypt represents a substantial market opportunity for FlexxPay. Our focus in 2022 and next year will be on growing FlexxPay in Egypt and Saudi Arabia. Other North African countries and Turkey are on our roadmap next,” Michael Trüschler, FlexxPay CEO and co-founder told Arabian Business.

“For FlexxPay, market size defined by the size of a country’s workforce and number of SMEs, is a decisive factor when selecting new territories. Our technology is solving a real-world problem that exists everywhere in the world – financial stress and the loss of productivity, low retention rates and decreased motivation for employees that results in substantial losses for companies. Our business model is driven by transaction volumes and therefore we benefit from being present in countries with a large workforce. 

FlexxPay enables access to already-earned income – salaries, commissions, pensions and end of service benefits – via its platform.

“Besides the mentioned countries, we will also look beyond the MENAT region. One example is Malaysia with over 30 million people. We already have access to potential local partners to support on the operational setup there and in other South-East Asian countries,” said Trüschler.

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 ten days a year processing salary advances.

Launched in 2020 by serial entrepreneurs Trüschler and Charbel Nasr, FlexxPay announced in February that it had onboarded its 100^th customer and enrolled 15,000 employees across the MENA region.