Egyptian Fintech, ElGameya, secured a six-figure investment in a pre-seed syndication led by AUC Angels, marking its first institutional investment round, to support its growth plans in the ever-growing peer-to-peer lending space.
A graduate of MINT Incubator, StartupBootcamp, AUC Venture Lab’s Fintech Accelerator, 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 digitize their private money circles, or get matched to users with similar saving/lending capabilities in a public circle. Apart from its in-app payment facility, ElGameya’s app also features a built-in marketplace enabling users to access exclusively discounted products as a cash-out option.
With participation from AUC Angels, The Cairo Angels, and Alex Angels, the startup intends to deploy the raised funds towards enhancing application features and growing its user base. ElGameya now serves users in Cairo, and targets reaching over 1,000 cycles by next year.
“ElGameya can really capitalize on the immense potential present in peer-to-peer lending, by modernizing the pervasive and age-old tradition of gam3iyat. This investment round demonstrates investors’ belief in its possibilities.” said Mariam Kamel, Manager of AUC Angels.
“We are very pleased to have closed this investment round and to have co-invested in this opportunity with other regional angel investors. We are very confident in ElGameya’s team and the sky is the limit for them!” said Zeina Mandour, General Manager of The Cairo Angels.
“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 digitalizing 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.” concludes Ahmed Mahmoud, founder, and CEO of ElGameya.
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