Telda an Egyptian-based fintech startup has secured a US$5 million pre-seed funding round to continue building its operations.
The funding round was led by Sequoia Capital, a US-based VC firm. Class 5 Global and Global Founders Capital and as well as other investors also took part in the funding round.
The startup provides digital banking services that see to the financial needs of millennials and Generation Z.
Telda was founded by Youssef Sholqamy and Ahmed Sabbah. Through the Telda app users create their account through national IDs and personal phone numbers.
On signing up, users can obtain money through the app anywhere in Egypt and beyond when they make use of their international bank account number (IBAN) obtained by signing up on the app. Telda’s account is enabled with a Mastercard-powered card
In a very short period of its establishment, the fintech startup has acquired more than 30,000 sign-ups, moving forward, it plans to hold its ground after closing US$5 million in pre-seed funding.
According to the startup, it has become the first organization in Egypt to obtain a license from the country’s apex bank, the Central Bank of Egypt. This license will allow it to discharge cards and also onboard its customers.
Speaking on the raised fund, Ahmed Sabbah one of the Co-founders said:
“It is the first digital banking experience in Egypt, enabling customers to create a free account in seconds, receive a free Telda card to use online, in stores and to withdraw cash from any ATM worldwide and pay bills all directly from their phone.
Telda customers will also be able to send and receive money instantly and for free from friends, family and anyone with a mobile phone, as easy as sending a Whatsapp message,”
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