Egyptian Fintech Firm Telda secures $20 million in seed funding

Cairo-based fintech startup, Telda, has landed $20 million in seeding funding from several investors including Jack Dorsey, former Twitter Chief Executive Officer, Bloomberg reports.

The seed fund will serve the expansion into new markets. Telda also plans to use the money to build its product offering.

“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 on the society as a whole,” said Youssef Sholqamy, Telda’s co-founder, and a former engineer in Uber Technologies Inc.’s infrastructure team.

The company offers peer-to-peer payment services to Egyptian youths.

Telda was co-founded last year in Cairo by Ahmed Sabbah, who also co-founded Swvl Holdings Corp., an Egyptian transportation firm that became the first African company to list on the Nasdaq through a special purpose acquisition company, or SPAC.

Jack Dorsey’s Block Inc., Sequoia Capital Global Founders Capital are the leading funders.