Egyptian fintech startup ElGameya has raised a seven-figure US dollar investment round to scale its reach and product innovation, deepening its impact on underserved communities.
Founded in 2020 by Ahmed Abdeen, ElGameya aims to modernise and streamline the culturally rooted Rotating Savings and Credit Association (ROSCA) model with a user-friendly mobile app that enables users to join savings circles with customisable terms while ensuring transaction security and transparency.
It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans.
The startup, a graduate of AUC Venture Lab’s Fintech Accelerator, raised a pre-seed round of funding in 2020, and has now banked a further seven-figure round to accelerate the development of its technology platform. The round was led by AYADY for Investment and Development, with other participants including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro, and a group of local and international angel investors.
“We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-calibre investors like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation,” said Abdeen.
“Over the past year, the company has achieved sustained 50 per cent month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services.”
Osama Saleh, chairman of AYADY for Investment and Development, said its investment in ElGameya aligned with its commitment to supporting startups that leverage technology to meet real societal needs.
“We see 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,” he said.
