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March 2021

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Press Release

Swvl ex-founder launches Telda, Egypt’s First of its kind Money App

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Telda ATM Card (Source: Ahmed Sabbah)

Swvl co-founder and former CTO; Ahmed Sabbah and Youssef Sholqamy; former Uber engineer alongside a Silicon Valley team from Facebook, Uber, Amazon and Noon are building this next generation payment app “Telda” known as “The Money App”.

Telda is the easiest and fastest way to send, spend and save money. It’s the first digital banking experience app in Egypt moving it one giant step closer to achieving the vision of digital transformation in the economy offering various features to ease the daily payment pains.

The Fintech company is officially launching in Egypt providing locals with a digital banking experience platform enabling customers to create a free account by only using their phone numbers and national IDs. By signing-up; they receive a free Mastercard to their door steps with zero hassle. They can use it everywhere for online payments, in-store purchases and cash withdrawals from any ATM worldwide.

Through Telda, sending money to family and friends is as easy as sending a whatsapp message. By syncing their contact list; users will be able to send & request money instantly. They will also be able to control their spending with the most iconic money management features helping them to stay on top of their finances with simplicity and ease.

The new social money app gives its users all the insights about their spending habits to better manage their expenses. The app displays all users’ transactions and divides them into smart sub-categories making saving easier than ever. Telda tackles all the daily payment pains; from splitting cheques, trips, birthday gift shares to paying bills, topping up phone credits and using the telda card for all online and in-store payments.

As Egypt is approaching a digital transformation in the economy focusing on the adoption of technology and the need for tech-savvy solutions, Telda is aiming to make life easier and quicker for consumers to open an account, make instant payments and real-time transfers from the comfort of their homes.

Download App from App Store and Google Play or click to visit their website Telda app

 

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Investment

Paymob completes Series A funding of $18.5 million to fuel regional expansion

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Paymob Press Release/Founders Photo (Source: Paymob)

Paymob, Egypt’s market-leading digital payments provider, announces the largest ever Series A fund raise by an Egyptian company and one of the largest fintech equity rounds in North Africa. The Company has raised US$15 million of new capital from existing investors in a second tranche of its Series A fundraising activity. It follows a first tranche of US$3.5 million, raised in July 2020.

The capital raise was led by Global Ventures, the UAE-based venture capital firm. It also included A15, a leading tech investment fund and FMO, the Dutch entrepreneurial development bank. Paymob will use proceeds to: Continue expanding its merchant network, Meet the increasing demand, Enhance its suite of products further and Fuel its regional expansion efforts.

Paymob empowers underserved SMEs with improved and more accessible digital payments offerings as part of the Central Bank of Egypt’s efforts and initiatives towards nationwide digital financial inclusion. The Company will accelerate its expansion in Saudi Arabia and other markets across the region, in 2021.

Paymob’s mobile wallets infrastructure processes over 85% market share of transactions throughput in the Egyptian market and serves merchants across five different markets including Kenya, Pakistan, and Palestine. Paymob is the largest payment facilitator in Egypt and is the only Egyptian FinTech to expand beyond its local market.

In payment acceptance, Paymob’s monthly revenue grew over 5x in 2020 and its technology is used across economic sectors by over 35,000 local Egyptian and global merchants, such as Swvl, ElGouna, Tradeline, LG, Samsonite, Aeropostale, Befit, Breadfast, Gourmet, and the American University of Cairo. Paymob’s annual Total Payment Volume processed is now over $5 billion.

“We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented. The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this. This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. All our existing investors have increased their holdings, and we thank them both for their support and the confidence they have in our business model and track record of execution.” – said Paymob’s CEO and co-founder, Islam Shawky.

“We are delighted to lead this momentous FinTech fund raise in the region. Paymob has a perfect combination of a high-quality technology, a product customers increasingly cannot do without and an outstanding management team. Their market opportunity is also huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built. We look forward to continue supporting their expansion.” – said Basil Moftah, Global Ventures’ General Partner.

“As one of Paymob’s earliest backers, we are always proud to support a young and passionate team revolutionizing the development and advancement of financial systems in Egypt, our region and beyond. Paymob’s team has shown great returns with very limited resources. Witnessing the impact of facilitating financial services to millions of end-consumers and tens of thousands of merchants coupled with hypergrowth has been a very fulfilling experience for A15.” – said Karim Beshara, A15’s Chairman.

“Paymob is an excellent fit with FMO’s Ventures Program based on its exceptional team, innovative payment solutions and proven capability to include thousands of underserved Egyptian merchants into financial services offered by the company and its partners. We are proud to be part of the journey of Paymob in Egypt and excited to support the team throughout their next phase. The FMO Ventures Program is a EUR 200mln investment program funded by FMO, the Ministry of Foreign Affairs and the European Commission targeting early-stage technology-enabled innovative business models in emerging markets.” – said: Jaap Reinking, Director Private Equity at FMO.

 

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Afripreneur

Up Close & Personal with Phillip Scott, Founder of YouTube’s Most Watched Black News Channel

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Phillip Scott, Founder at The African Diaspora News Network (Source: Kellen Coleman)

Phillip Scott also known as Phil by his audience is a Texas native graduate with a Bachelors in Theology. Throughout his life, he has amassed a diverse following where he has successfully delivered messages of inspiration, knowledge, and optimism with a realist point of view. The African Diaspora News Network he has created is a daily YouTube program on multiple channels with various contributors whose mission is to inform, inspire, and entertain his listeners with engaging discussions on current events. Phil is a Husband and Father of four children. In this interview with Kellen Coleman, Phil talked about his entrepreneurship journey, business and life as an African in the Diaspora. Excerpt.

 

Kellen: You started YouTube as a hobby and for free for years while having a job and a family. Did you ever imagine it would have blossomed into being what you have now?

Phillip: No, it wasn’t in my mind that our platform would grow into what you see today. I knew we would grow if I would be open to new ideas but not at this level.

Kellen: Numbers show you are the most subscribed to Black News network on YouTube, does YouTube give you any special privileges or awards?

Phillip: We have received a Silver Play Button award for obtaining 100K subscribers and a Gold Play Button award for obtaining 1M subscribers. Anyone that hit those levels of subscribers can obtain those awards. But an award directed at being a successful Black platform. No, I haven’t had that type of recognition.

Kellen: With your new app and website it appears your messages are more direct and uncensored did you feel you were being silenced on other social media platforms?

Phillip: Social media platforms aren’t what they used to be. Back when I started as long as you didn’t use racial slurs, post violence or do something bad to children, you were fine online. Today social media companies are heavily censored and at the end of the day it’s their platforms. I felt we need our own place to speak where no one can remove our opinions.

Kellen: It’s said your content can be seen on various networks including Roku, Itunes, and others around the world, how do you keep track?

Phillip: We try to keep up by checking our various networks for the analytics just to get a scope of what countries and demographics are consuming our content.

Kellen: Why do you think your channel is so successful, and what do you do that others aren’t?

Phillip: I believe our success comes from taking many risks. Some people aren’t willing to invest money or risk failing. I also believe our success comes from having the proper team as well. As you grow your team is very important in helping you achieve the goals at hand. We also made sure to dedicate to a daily show and being at the same level as mainstream media platforms.

Kellen: African based news networks struggle to get the audience you have, what advice would you have for them and would you consider partnering?

Phillip: I would say for African channels to target a younger audience. The African continent average age is 25. Younger people are more on smartphones and care about modern Africa. Young African people care about foreign nations taking the resources for free, they care about their politics and want to live no different than the rest of the world. You can’t get a young African audience focusing on what the older generation cares about.

Kellen: You have come a long way from filming in the bathroom and kitchen table, you have a beautiful studio setup would you encourage others to invest in their studio?

Phillip: I always say that no one will invest in you until you invest in yourself first. Always be willing to take a risk by investing your time, money and partnering with others. I felt that having a studio similar to what you will see on television would bring our platform respect. I have achieved the respect due to our reporting and efforts.

Kellen: How has your message been received by Africans in the states and Africans on the continent?

Phillip: Yes our message is received on both continents. We made sure to also employ our sisters and brothers from the continent as well to help us.

Kellen: What can Africans on the continent do to support your network?

Phillip: The best way to support us is to watch all our content and share it with 5 people they know.

Kellen: Your company is registered in Kenya, but you have Kenyan and Nigerian in your DNA any plans on having a company in Nigeria, and what can Nigeria do to help you with that?

Phillip: I plan on visiting Nigeria when international travel opens back up. I would also consider having a studio in Nigeria if everything works right with a great team in place.

Kellen: You have several contributors from around the world, more than some larger networks twice your size, how do you recruit and manage not just personalities but payroll?

Phillip: I can’t give our secret to picking people. But I will say I have a great idea on who would fit well for our platform. Some people could be great but not for our platform. We select people based on previous work and work ethic.

Kellen: Do you see yourself living full time in Africa, and if so which country(s)?

Phillip: My goal is to live on the African continent  at least 80% of the year. Having business I will still have to travel to the US. As for country, I’m still deciding at the moment.

Kellen: What impact do you think cryptocurrency and NFTS will have on your business?

Phillip: When it comes to cryptocurrency it’s new so for us we will always move with the times. Maybe with time we can use cryptocurrency as a payment method.

Kellen: How important is it to have a great wife in doing business?

Phillip: I can tell you from experience that a woman can take you high as the heavens or take you to the pit of hell. As a man a wife that’s a blessing also will help you be successful. Having a supportive spouse makes the hard jobs easy and also help come up with ideas for growth.

 

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