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Egypt: Fintech Startup ElGameya Raises Six-Figure Amount In Pre-Seed Funding

Startups

Aug. 7, 2020, 9:52 a.m.

Egyptian Fintech startup, ElGameya have announced their acquisition of a six-figure pre-seed investment without disclosing the exact amount.

The round was facilitated by three angel investment companies which were AUC Angels, Cairo Angels and Alex Angels.

The startup plans to use the investment to grow its userbase by next year.

ElGameya is a Cairo-based fintech startup founded by Ahmed Mahmoud. The platform allows users to save money on money circles or join existing money circles using their own network.

A money circle refers to a system that consists of a group of people who deposit a fixed amount of money for a period of time. At the end of the duration, the money will be given to one person and the cycle continues till everyone gets their share.

ElGameya has simplified this saving technique by acting as a virtual custodian of all the monies deposited using an app.

Users can receive payments on their mobile wallets as well as buy products on ElGameya’s marketplace.

Ahmed Mahmoud stated that, “ElGamelya has long been used as a creative tool by the middle class to finance different needs, such as marriage, furniture, and cars. Now that we are in the age of fintech, the time has come for digitizing the Gameiya (arabic term for money circles) to be more practical, efficient, and increase the benefits it offers”.

He also expressed his belief in the platform’s social impact and added that the app is all about helping people and helping them achieve what they want.

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Dorcas

Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.

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