The committee responsible for deciding on applications for using financial technology in non-banking financial activities, under Egypt's Financial Regulatory Authority (FRA), has approved a license for Telda to operate as a consumer finance company. This marks Telda as a pioneering FinTech startup in this sector. Telda was founded in 2021 by Ahmed Sabbah and Youssef Shalkamy. It started as a payment application designed for users without traditional bank accounts, allowing them to send, spend, and save money without needing a conventional banking setup. Last year, the company also secured a license to facilitate subscriptions in investment fund documents. This significantly boosts its ability to expand its investor base and makes it easier for people to access collective investment tools in a more flexible and inclusive way. This new license is a significant step forward in supporting FinTech startups and empowering them to offer innovative solutions for non-banking financial services in the Egyptian market.
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