DUBAI: Telda, a Cairo-based digital banking application, has raised $5 million during its pre-seed funding round organized by US firm Sequoia Capital.
It was the first investment for the American venture capital firm in the Middle East and North Africa.
Global Founders capital and Class 5 Global also participated in the round.
The app recently announced it has received license from Egypt’s central bank to issue cards and on-board customers to its platform.
It has received 30,000 sign ups since it started its operations, it said.
The funding comes as digital-only banks rise in popularity across the region, where 60 percent of the population is estimated to be under the age of 25.
“Egypt boasts of a large, young, talented and tech savvy population with a strong appetite to innovate,” Sequoia partner George Robson said.
Egypt is among the top 10 countries most reliant on cash and with the highest rate of unbanked people, according to Merchant Machine.
“Today’s funding milestone promotes the digital transformation of the Egyptian economy and allows Telda to provide everyone with access to important financial services so they can fully participate in the economy,” Telda chief technology officer Youssef Sholqamy said.
Sholqamy, who was a former senior engineer in Uber’s infrastructure team, co-founded the startup with Ahmed Sabbah, who also founded the Egyptian bus-hailing service Swvl.
Egyptian neobank Telda raises $5m in Sequoia-led pre-seed round
https://arab.news/5fzg8
Egyptian neobank Telda raises $5m in Sequoia-led pre-seed round
- It was the first investment for the American venture capital firm in the Middle East and North Africa
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
