Telda, a financial technology company based in Egypt, recently completed a seed funding round that brought in a total of $20 million. The round was led by Global Founders Capital and participated in by Sequoia Capital as well as Block Inc. The financial technology start-up company said that it plans to use the money it just raised to expand its development goals into new areas and improve its products.
The Peer-to-peer (P2P) payment app Telda was created in 2021 by Youssef Sholqamy and Ahmed Sabbah. For those without bank accounts, Telda enables individuals to conduct financial transactions without having a bank account. The co-founder of Telda, Youssef Sholqamy, said: “Making money simple and plain will assist the economy and society as a whole. Dealing with money is still difficult in Egypt.” Partner at Global Founders Capital Roel Janssen stated, “We’re eager to collaborate more closely with Telda.”
The business has come up with a product that is better than what most international companies that specialize in consumer payments offer, and Ahmed and Youssef have been able to hire some of the best Egyptians in product development, engineering, general management, and marketing. We are sure that Telda will continue to amaze Egyptian customers over the next few years by giving them a great product experience and great service.
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Telda App
The company launched its first app of this kind in Egypt, which was released in cooperation with Mastercard. In August, both companies put out prepaid cards in Egypt with their names on them. Since then, it has added another 25,000 cards to its system and now has a waiting list of 110,000 people who have bought their cards via the app.
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The Telda app lets users do a lot of different things, like sending and receiving money. It is the only app on the market that lets users make a full digital card payment with the press of a button, and they don’t even need a bank account to do it. Customers will just need to follow a few easy steps in order to transfer payments.
More about Telda funds
The user will also be able to manage their prepaid account with money management features that will allow them to keep track of their funds and remain in control of their position. Telda is a financial brand that offers a more streamlined and convenient banking experience to members of Generation Z and Millennials. We’ll teach you a better approach to manage your money as an alternative to the present monetary system. “It’s simply the first money app in Egypt,” stated Ahmed Sabbah, Telda’s Co-Founder and CEO.
“Telda is changing how people think about and handle money,” According to Sabbah, MasterCard was the ideal partner for developing Egypt’s first of its type solution. The most we could hope for was Mastercard, which was open to new products and technologies. In 2021, Telda finished a $5 million pre-seed investment round. The financing was spearheaded by investors Sequoia Capital, Global Founders Capital (GFC), and Class 5 Global.