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Telda Pre-Seed

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Telda pitch deck to raise $5m Pre-Seed round

This is the Telda pitch deck to raise a $5m pre-seed round in 2021.

About

A financial brand in the MENA region built for Millennials and GenZ to take the pain out of payment experience and peer-to-peer transfers. Telda is bringing a better way to send, spend and save money to anyone who has ever sought an alternative to the traditional banking system.

Egyptian challenger bank Telda has raised $5 million in pre-seed funding from Sequoia Capital.

The funding round, which included German VC Global Founders Capital and US-based Class 5 Global, is Sequoia’s first investment in a North African startup. Telda is a digital banking app which allows users to withdraw money from ATMs, send and receive funds, and make payments online.

“I reached out to the Sequoia team early on through Linkedin and continued speaking to other VCs,” Ahmed Sabbah, Telda cofounder and CEO told Insider.

“After a couple of weeks, George from the London office replied and we spoke the same day then I spoke to his partner Luciana the next day. Two days later I spoke to Sequoia’s US panel, Roelof Botha, Douglas Leone and Alfred Lin. It was an exceptional call for me and few hours later, they wanted to lead the round.”

Two out of every three individuals are currently unbanked in Egypt, amounting to 70 million people. This is not dissimilar with other countries in the region. In fact, only 40% of the population in the Middle East and North Africa have access to a bank account.

Telda is one of the first digital banking platforms in the country and has also announced it has become the first company to receive a license from the Central Bank of Egypt under new Banking Agents regulations.

Funding will go towards improving the company’s product and hiring. “We aspire to grow our customer network to a million card holders in our first year,” Sabbah added. “It’s quite challenging, but given it’s a greenfield, we have the opportunity to capture.”

In 2013, Sequoia invested in Brazilian fintech Nubank’s seed round. That business is now worth $25 billion and has 34 million customers to be the world’s largest digital bank.

“There are many parallels between Brazil and Egypt. Both countries boast a large, young, talented and tech savvy population with a strong appetite to innovate,” said Sequoia Partner George Robson. “We are delighted to partner with Telda and earmark our first investment in the region”.

Funding rounds

Announced Date	Transaction Name	Number of Investors	Money Raised	Lead Investors
May 17, 2021	Pre Seed Round – Telda	3	$5M	Sequoia Capital