This is Sequoia’s first investment in North Africa and GCC, and the first investment by Global Founders Capital and Class 5 Global in Egypt. ArabFinance : Telda, Egypt’s first digital banking app, has raised a $5 million pre-seed funding round, led by Sequoia Capital with participation from Global Founders Capital and Class 5 Global, according to the company’s recent statement. Accordingly, Telda has become the first company to receive a license from the Central Bank of Egypt (CBE) under the new Banking Agents regulations, empowering it to issue cards and on-board customers to its digital app. The app allows customers to create a free account in seconds, receive a free Telda card to use online, in stores and to withdraw cash from any ATM worldwide and pay bills all directly from their phone. The application is launching in the upcoming few weeks and customers can download it and join the waiting list to be the first to get the free Telda card.

Source: The North Africa Journal May 18, 2021 09:11 UTC