Egypt’s newly launched digital bank Telda has raised USD 5 Mn in a pre-seed round to help Egyptians save, give, and invest money digitally. The round was led by American VC firm Sequoia Capital with participation from Global Founders Capital and Class 5 Global.
Users can create an account with their phone numbers and national IDs using the app. Telda’s account includes a Mastercard-branded card that can be requested via the app and used for online transactions, in-store purchases, and cash withdrawals. Users can receive money on Telda from anyone in Egypt and beyond using the international bank account number (IBAN) that they receive for their digital account.