18 May 2021

Telda, Egypt’s first digital bank, has raised USD5mn in a pre-seed funding round led by Sequoia, the giant U.S. venture capital firm.

The service enables customers to send and receive money through a free account. Telda also issues a bank card that can be used to pay for purchases online and in stores, as well as make withdrawals and pay bills. Telda is the first company in Egypt to receive a license from the Central Bank of Egypt (CBE) to issue bank cards and sign up customers digitally, under new regulations. The company intends to use the new funding to speed up its card production and distribution, recruit more talent, and grow the business. (Source: Yahoo Finance, Enterprise, Arab News, Company Disclosure)