Egypt-based financial technology (fintech) startup ElGameya, has raised a six-figure investment in a pre-seed round led by AUC Angels, with participation from Cairo Angels and Alex Angels.
Founded by Ahmed Mahmoud in 2018, ElGameya fully automates the concept of money cycles known as rotating savings and credit association (ROSCA) cycles. It enables users to manage their private money circles and are matched with users with similar saving/lending capabilities in a public circle. The app also allows users to access exclusive discounted products as a cash-out option.
“ElGameya can really capitalise on the immense potential present in peer-to-peer lending, by modernising the pervasive and age-old tradition of gam3iyat. This investment round demonstrates investors’ belief in its possibilities.” said Mariam Kamel, manager of AUC Angels.
The startup plans to use the funding to develop more features for the application and expand its user base. It looks to reach over 1,000 cycles by next year.
“ElGameya has long been used as a creative tool by the middle class to finance different needs, such as marriage, furniture, and cars. Now that we are in the age of fintech, the time has come for digitalising the gam3iya to be more practical, efficient, and increase the benefits it offers. ElGameya’s app is about people, helping them achieve what they want, we believe in its social impact,” said Ahmed Mahmoud, founder and CEO of ElGameya.