Telda, a Cairo-based digital banking app, has raised a $5 million pre-seed funding round, led by Sequoia Capital with participation from Global Founders Capital and Class 5 Global.

The startup also announced it has become the first company to receive a licence from the Central Bank of Egypt under the new Banking Agents regulations, empowering it to issue cards and on-board customers to its digital app.

Telda was founded by Ahmed Sabbah, the co-founder and former CTO of Swvl, and...