Telda, a Cairo-based fintech startup led by Egyptian serial entrepreneur Ahmed Sabbah, has raised $20 million in seed funding from investors, including Twitter Co-Founder Jack Dorsey’s Block Inc., as part of its strategic expansion plans into new markets and product development.
Aside from Block Inc., Telda received support from Global Founders Capital (GFC) and Silicon Valley venture capital company Sequoia Capital.
The completion of the round comes after the money app that Sabbah launched in 2021 received $5 million in pre-seed funding from GFC and Sequoia Capital.
The capital injection, which demonstrates continued confidence in Telda’s and other regional startups’ economic potential and social impact, will be used to accelerate its expansion into new countries, as well as to build its tech infrastructure and improve its product offerings.
In addition to increasing Telda’s expansion with cutting-edge and innovative fintech solutions, the seed funding will serve to boost global confidence in the region’s economic and financial prospects, paving the way for future startups and fintech.
Sabbah, Telda’s CEO and co-founder, said the startup is a financial brand aimed at providing Egyptians with easy and convenient access to financial services, while providing further insight into the business’s functioning as a brand and player in the Egyptian financial services industry.
He went on to state that its objective is to accelerate financial development in Egypt and the region by providing individuals with simple ways to send, spend, and save money in their daily lives.
Aside from his recent success as co-founder of Swvl Holdings Corp., an Egyptian transportation firm that became the first African company to list on Nasdaq through a special purpose acquisition company, or SPAC, Sabbah has shown through Telda that he belongs to the league of Africa’s top tech founders, who continue to create value in the African tech ecosystem through disruptive innovations.
