Telda, an Egyptian digital banking startup has raised $ 5million pre-seed led by Sequoia Capital, with participation from class 5 Global and Global Founders Capital making it the first investment by Sequoia Capital in the MENA region.
This pre-seed round is the largest so far raised by a startup in the region after Flextock, that raised $ 3.75 million earlier this month.
The startup was founded a little over a month ago by swvl’s former co-founder and CTO, Ahmed Sabbah and Youssef Sholqamy who was previously a senior engineer with Uber’s infrastructure team.The startup already has over 30,000 sign-ups with over 17,000 people who’ve requested the card fromm the app. In a statement, Telda said that it has become the first company in Egypt to receive a licence from the Central Bank of Egypt under the new Banking Agents regulations that allows them to issue cards and onboard customers digitally.
Roel Janssen, a partner at Global Founders Capital, said, “We are highly impressed by Sabbah and Sholqamy and love their vision for building the region’s leading digital banking app and we are proud to be part of their journey. It is GFC’s first investment in Egypt and we see that Egypt has the potential to become an important hub in the global tech ecosystem.”