Hollydesk, an Egyptian fintech company, has gotten $1 million in venture debt funding to grow its expense management platform for small and medium-sized businesses in Egypt.
The platform has a set of tools for keeping track of and managing expenses, automating workflows for approval, and making reports. It is made to be easy to use and has features like scanning receipts and tracking expenses in real-time.
The funding will expand Hollydesk’s offerings and reach more companies.
Mahmoud Moussa started Hollydesk in 2020, and it has already helped hundreds of companies save time, cut down on fraud, and get a better handle on their expenses. Businesses that use Hollydesk spent about EGP130m (about $4.2m) through the platform last year.
The company’s CEO said that its goal is to help small and medium-sized businesses focus on what they do best by making it easier for them to manage their expenses.