Egyptian FinTech ElGameya Secures 7-Figure Investment to Accelerate Growth of Digital ROSCA Platform
ElGameya, a prominent FinTech platform in Egypt, is making headlines after successfully closing a significant funding round worth seven figures in USD. This investment is aimed at enhancing the development of its innovative digital savings and lending platform.
Investment Details and Key Players
The recent funding round was spearheaded by AYADY for Investment and Development, with contributions from notable firms such as Jedar Capital, Cubit Ventures, Ventures Notes, and P-Maestro, along with a mix of local and international angel investors.
About ElGameya
Founded in 2020, ElGameya is revolutionizing the traditional Rotating Savings and Credit Association (ROSCA) model, which is deeply rooted in Egyptian and regional financial practices. The platform offers users the ability to:
- Join savings circles via a user-friendly mobile application.
- Select their desired contribution amount and duration.
- Choose a preferred payout schedule.
This approach emphasizes transparency and security, providing a modern solution to an age-old financial practice.
Utilization of Funds
The capital raised will be instrumental in:
- Accelerating technology development.
- Enhancing user experience.
- Expanding operations within Egypt and internationally.
CEO’s Vision and Growth
Ahmed Abdeen, CEO and founder of ElGameya, expressed his enthusiasm about the funding, stating, “We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having a high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond.”
Growth Metrics
Over the past year, ElGameya has demonstrated impressive growth, achieving:
- A 50% month-on-month growth rate.
- Approximately one million registered users.
- Strategic partnerships with over 150 companies and educational institutions.
AYADY’s Commitment to Financial Inclusion
Osama Saleh, chairman of AYADY for Investment & Development, remarked, “Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We view ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.”
For more information about ElGameya’s services and its impact on the Egyptian financial landscape, visit their official website.
