A bright light for North Africa’s digital sector in the face of the present global recession is the Egypt-based financial firm Telda, which just received $20 million in seed investment from investors including Jack Dorsey’s Block Inc.
Existing investors Global Founders Capital led the fundraising round, which also included participation from Sequoia Capital, a venture capital company based in Silicon Valley, and new investment Block Inc., which was formerly known as Square Inc. According to a statement issued by the company, Telda intends to put the cash to use by broadening its product portfolio and entering new markets.
A Look At What Telda Does
Founded in 2021 by Swvl’s co-founder and former CTO Ahmed Sabbah and Youssef Sholqamy, Telda provides a vast array of functions, including the free issuing of Mastercard-powered prepaid cards. The prepaid cards provide a completely integrated payment experience without the requirement for a bank account, as they may be used for online purchases, in-store purchases, and cash withdrawals from any ATM in the world. In addition, users will be able to send and receive money instantaneously and for free from any other Telda user, as well as monitor their accounts and spending through the control and insights tools that make users aware of their spending habits and in complete control of what their card can accomplish.
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Telda is a financial brand designed for Millennials and Generation Z, who are actively seeking smart and simple solutions to manage and monitor their costs without visiting a bank to open an account.
This action is in line with the nation’s aim to promote financial inclusion, allowing all citizens to access modern financial services that meet their needs and eventually resulting in sustainable economic growth for both individuals and the nation.
“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 the society as a whole,” said Youssef Sholqamy, Telda’s co-founder, and a former engineer in Uber Technologies Inc.’s infrastructure team.
Telda Egypt Telda Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh