Hollydesk, an Egyptian fintech firm, has raised $1 million in venture loan funding to develop its cost management platform for the nation’s small and medium-sized enterprises.
The system provides a number of features for monitoring spending, streamlining the approval process, and creating reports. It has capabilities like receipt scanning and real-time spending tracking and is user-friendly in design.
The money will be used to broaden Hollydesk’s product offerings and market to new businesses.
Mahmoud Moussa founded Hollydesk in 2020, and since then it has aided hundreds of businesses in time savings, fraud reduction, and better expenditure management. Businesses utilizing Hollydesk made EGP130m (about $4.2m) on purchases last year.
According to the company’s CEO, by reducing their spending management procedures, small and medium-sized firms would be able to concentrate on their core competencies.