Egypt’s Telda raises $20 million in seed round led by Global Founders Capital

Telda secures $20 million in seed round from GFC, Sequoia Capital and Block

Telda, an Egyptian consumer money app, raised $20 million in a seed funding round led by Global Founders Capital (GFC) with participation from Sequoia Capital and Jack Dorsey’s Block.

“This exciting investment takes us one step closer to fulfilling our mission to evolve how millions of people interact with their finances,” Telda said in a tweet. The latest investment, which comes a few weeks after Telda secured a license to launch a consumer money and payment app from the Central Bank of Egypt, brings total funding to date to $25 million.

The digital bank secured a $5 million pre-seed investment in a fundraising round that was led by Sequoia months after its launch in May 2021 to enhance how Egyptians save, send and spend money.

Telda will use the proceeds from the latest funding round to boost its capabilities and expand in the Egyptian market with its cutting-edge and innovative fintech solutions. The company also said that the funding will contribute to building global confidence in Egypt’s economic and financial prospects, paving the way for future startups and fintechs.

“Telda is a financial brand aimed at providing Egyptians with easy and convenient access to financial services. Our mission is to drive financial evolution in Egypt and the region by offering simple ways for people to send, spend and save money in their daily lives,” Ahmed Sabbah, Telda CEO & co-founder said in a statement.

Telda was founded in 2021 by Sabbah, a former chief technical officer at Swvl and Youssef Sholqamy, a former senior engineer in Uber’s infrastructure team. The digital bank started operations in September and launched its app and a Mastercard-powered card to the public.

The company has onboarded 25,000 cards ever since and has a waiting list of 110,000 customers who have ordered their cards on the app.