Egyptian fintech startup Hollydesk has secured $1 million in venture debt financing to expand its expense management platform for small and medium-sized businesses in the country.
The platform offers a suite of tools for tracking and managing expenses, automating approval workflows, and generating reports. It is designed to be user-friendly and offers features such as receipt scanning and real-time expense tracking.
The funding will be used to expand Hollydesk's offerings and reach more companies.
Founded in 2020 by Mahmoud Moussa, Hollydesk has already helped hundreds of companies save time, reduce fraud, and manage their expenses more effectively. Last year, businesses using Hollydesk spent EGP130m (~$4.2m) through the platform.
The company's CEO said its aim is to help small and medium-sized businesses focus on their core activities by streamlining their expense management processes.