ArabFinance: Telda, Egypts first digital banking app, has raised a $5 million pre-seed funding round, led by Sequoia Capital with participation from Global Founders Capital and Class 5 Global, according to the companys recent statement.

This is Sequoias first investment in North Africa and GCC, and the first investment by Global Founders Capital and Class 5 Global in Egypt.

Accordingly, Telda has become the first company to receive a license from the Central Bank of Egypt (CBE) under the new Banking Agents regulations, empowering it to issue cards and on-board customers to its digital app.

The app allows customers to create a free account in seconds, receive a free Telda card to use online, in stores and to withdraw cash from any ATM worldwide and pay bills all directly from their phone.

Teldas a customers will also be able to send and receive money instantly and for free from friends, family and anyone with a mobile phone, as easy as sending a Whatsapp message.

The application is launching in the upcoming few weeks and customers can download it and join the waiting list to be the first to get the free Telda card.

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