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Egyptian fintech ElGameya secures pre-seed investment from angel groups

Egyptian P2P savings tool ElGameya has secured a six-figure US dollar investment in a pre-seed angel syndication to support its growth plans.

Ola Olaoluwa
Ola Olaoluwa

ElGameya is a mobile application that facilitates the management and collection of the ROSCA cycle, otherwise referred to as money circles. Users can either use it as a platform to digitise their private money circles, or get matched to users with similar saving and lending capabilities in a public circle.

ElGameya’s app also features a built-in marketplace enabling users to access exclusive discounted products as a cash-out option.

ElGameya Founder, Ahmad Mahmoud

The startup is a graduate of AUC Venture Lab’s Fintech Accelerator, and has now raised pre-seed funding in a syndication led by AUC Angels, MENA’s first university-based angel network, marking its first institutional investment round. ElGameya last year took on a small amount of funding after taking part in the Startupbootcamp-Pride FinTech Cairo accelerator programme.

This pre-seed round also sees participation from Cairo Angels and Alex Angels, and ElGameya intends to deploy the raised funds towards enhancing application features and growing its user base. The startup now serves users in Cairo, and targets reaching over 1,000 circles by next year.

Financial inclusion

Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur