Telda, a consumer fintech app has raised $20 million in seed funding in a round that included investors such as Sequoia Capital and Global Founders Capital (GFC), who led the round. New investor Block, formerly known as Square, also participated in the seed round.
The consumer fintech was founded by Ex-Swvl executive Ahmed Sabbah in February 2021, in a statement, the fintech mentioned that it wants to make revolutionize fintech in the MENAP region. This round brings the total funding raised by the company to $25 million in total.
It is worth noticing that the startup has started hiring in Pakistan and has already made a team in the South Asian nation. The startup operates as a digital bank and started operations last month and launched its app and a Mastercard-powered card to the public in Egypt.
It has onboarded 25,000 cards so far and has a waiting list of 110,000 customers who have ordered their cards. According to the consumer fintech, it wants to “change the way people feel about and interact with their finances in the MENAP region: from money transfers to online/offline purchases to saving habits.”
The startup has ambitions to go international, it is one of the startups that offer services rewards, cards, and BNPL to individual consumers and aims to create an intuitive user experience when it comes to banking, similar to what consumers see in daily applications like Social Media.
