Egypt: Sequoia Leads $5m Pre-Seed in Egypt's 1-Month-Old Digital Bank Telda

Egypt has a population of over 100 million people. The country has a high mobile and internet penetration necessary for a young and tech-savvy population with 61% below 30. But despite its youthful population, two out of every three individuals are currently unbanked in Egypt. It's the same situation in MENA, where only 40% of the population have access to a bank account.

Digital banks have enormous potential in the region. Today, a newly launched one, Telda is announcing a $5 million pre-seed round to digitize how Egyptians save, send, and spend money.

More From: TechCrunch

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X