Egypt-based money management app Telda has reportedly raised $20m for its seed funding round, as it looks to revolutionise finance in MENAP.
Sequoia Capital and Global Founders served as the lead investors, according to a report from TechCrunch. Block also participated in the round.
This capital will help Telda to continue its goal of helping Egyptians digitise their savings and spending.
Telda was co-founded by Uber engineer Youssef Sholqamy and Swvl co-founder Ahmed Sabbah in 2021. The company offers consumers a simple way to send, spend and save money.
Users can send and request money by sending a text message and receive instant payment notifications. It comes with a debit card that can be used anywhere, online, in-store or at ATMs.
There is also a tool to track spending and sort them into groups to easily monitor them.
Speaking on the investment, Global Founders Capital partner Roel Janssen told TechCrunch, “We are incredibly excited to further strengthen our partnership with Telda.
“The company has launched a product that is better than most international consumer payments companies, and Ahmed and Youssef have attracted some of the brightest Egyptian talent in product, engineering and GTM. We are confident that Telda will continue to amaze Egyptian customers with an outstanding product experience and exceptional service in the coming years.”
Telda previously raised $5m in its pre-seed funding round last May.
Earlier in the year, Paymob raised the largest Series B of any Egyptian FinTech company. It raised $50m from Kora Capital, PayPal Ventures and Clay Point and others. Paymob is a payment service provider and payment aggregator that helps businesses get paid wherever their customers are.
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