Cairo – Egypt’s first money app, Telda, has raised $20 million in seed funding through leading investment funds.

The round was led by existing investors Global Founders Capital (GFC) with participation from global VC Sequoia Capital and new investor Block, Inc. (formerly Square, Inc.), according to a recent press release.

“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,” said CEO & CoFounder of Telda, Ahmed Sabbah.

CTO and Co-founder of Telda, Youssef Sholqamy, added: “In Egypt, dealing with money is still a complicated matter; making it easy and straightforward will have a large impact not just on the economy but also the society as a whole.”

The new funding reflects continued confidence in the huge potential and impact of Telda, as well as Egypt and MENAP’s vibrant start-up ecosystems on the part of global investors.

In addition to boosting Telda’s ability to expand on its vision in the market with its cutting-edge and innovative fintech solutions, the funding will also contribute to building global confidence in the region’s economic and financial prospects, paving the way for future startups and fintechs.

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