Group lending app ElGameya has reportedly bagged six-figure pre-seed investment from an angel syndicate.
The round was led by AUC Angels, an angel investor network from the University of Cairo, according to a report from Disrupt Africa. Other contributors include Cairo Angels and Alex Angels.
With the equity burst, the company aims to enhance its application features and grow its user base.
The FinTech platform claims to help users earn systematic savings and loans within friend groups.
It operates through a “rotating savings and credit association” model in which a group of individuals agree to save and borrow together for an allotted time. One of the members acts as the banker and everyone puts money into a central fund. Each person in the group will take a turn withdrawing all that money.
An example it gives is that if ten partners pay £10 each week for a ten week period, the banker will supply £100 to a different partner each week.
Earlier in the year, fellow Egyptian FinTech company Khazna closed its seed funding round from Algebra Ventures.
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