The Swvl’s co-founder and former Chief Technology Officer, Ahmed Sabbah, who left the Egyptian transportation startup recently, has returned with a new business idea ‘Telda’, a fintech startup that aims to transform how Gen Z in the Middle East spends their money. Telda was inaugurated earlier this week in Egypt, the startup enables users to sign up for a digital account that comes with a free of cost Mastercard-powered card. The provided card can be utilized for online payments, in-store purchases, and cash withdrawals.
Telda presents a comprehensive online onboarding experience through its app where users can easily signup using their phone number and their citizen number provided by the government to create an account and obtain the debit card at their doorstep,
Read more: Karachi-based trucking marketplace ‘Truck It In’ raises $1.5 million in Pre-Seed funding round
The company in a statement mentioned that people through Telda can easily send money to family and friends similar to sending a WhatsApp message. This whole process of the transaction can simply be conducted by syncing their contact list. Telda’s mobile application further comes with money management features, making it simpler for users to monitor and control their expenses. The app uses automated means to organize the expenses by categorizing them, enabling the users to control their spending. Furthermore, the app can be employed to block or initiate online purchases and cash withdrawals.
Read more: Fintech startup Stripe expands to the Middle East with UAE launch
“We’re calling it the money app. What we want to offer is a world-class experience for sending, receiving, and managing money. We’ve designed the app keeping Gen Z in mind who are digital natives. If you look at the banking products available in the market today, there’s nothing that addresses them. We want to change that with Telda by building the first Gen Z-focused digital banking experience app for the Middle East,” stated Ahmed, the co-founder, and CEO of Telda. Ahmed co-founded this new initiative with a former Uber engineer Youssef Sholqamy, and a few other team members who have previously served at organizations like Facebook, Uber, Amazon, and Noon.
Source: MenaBytes
