Elgameya Secures Seven-Figure Investment to Innovate Financial Solutions
The Egyptian fintech startup Elgameya has successfully raised a seven-figure investment in US dollars, aimed at expanding its reach and enhancing product innovation for underserved communities.
About Elgameya
Founded in 2020 by Ahmed Abdeen, Elgameya seeks to modernize and streamline the traditional savings and credit association model, known as ROSCA. By leveraging a user-friendly mobile application, the platform enables individuals to participate in customizable savings circles while ensuring transaction safety and transparency.
Flexible Financial Solutions for Diverse Needs
Elgameya provides versatile funding solutions tailored to meet the varying financial requirements of different community segments. Whether for short-term goals like education and marriage or long-term objectives such as starting a small business, Elgameya offers affordable monthly payment plans designed to empower individuals and families.
Recent Funding and Growth
As a graduate of the AUC Venture Lab’s Accelor Fintech program, Elgameya previously received pre-seed funding in 2020. The latest funding round, also amounting to seven figures, will accelerate the development of its technological platform. This financing was led by Ayady for Investments and Development, with participation from Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro, and a consortium of local and international investors.
Vision for Financial Inclusion
Elgameya’s CEO expressed excitement regarding their successful financing round, emphasizing it as a strong endorsement of their innovative vision. “With high-caliber investors like Ayady joining us, we can expedite our expansion and provide cutting-edge financial tools that are accessible to more people throughout Egypt and beyond,” he stated. The startup believes that fintech holds the transformative power to enhance lives, and Elgameya is committed to leading the way.
Impressive Growth Metrics
In the past year, Elgameya has achieved remarkable growth, reporting a 50% increase in users each month, totaling around one million registered users. The company has also forged strategic partnerships with over 150 businesses and educational institutions, all of which benefit from its innovative services. This rapid expansion underscores the increasing demand for accessible financial solutions in Egypt.
Supporting Social Impact through Technology
Osama Saleh, President of Ayady for Investments and Development, highlighted that their investment in Elgameya aligns with their mission to support startups that leverage technology to address real social needs. “We view Elgameya as an exemplary model capable of empowering significant segments of the Egyptian population with reliable and flexible savings and credit solutions,” he remarked.
Conclusion
As Elgameya continues to innovate and enhance its offerings, the startup is well-positioned to drive financial inclusion and support communities that have historically been underserved. With the backing of ambitious investors and a commitment to excellence, Elgameya is poised to transform the financial landscape in Egypt.