Tech in Africa
Cairo-based fintech startup ElGameya raised a six-figure investment from a pre-seed round led by AUC Angels. Other participants were Alex Angels and Cairo Angels.
ElGameya is a fintech mobile application that helps users organize and manage micro-savings and credit. The platform offers collaborative lending options and runs on the concept of a shared economy.
ElGameya runs on the concept of money circles where people save and borrow collectively. App users also get exclusively discounted products on exclusive cash-out options.
Mariam Kamel, the Manager at AUC Angels expressed optimism in the ability of ElGameya to capitalize on its peer-to-peer lending platform through modernization of the pervasive and old tradition of gam3iyat. “The investor round demonstrates investors’ belief in its possibilities,” she said.
ElGameya was founded in 2018 by Ahmed Mahmoud and was recently shortlisted as a finalist of the P2P Syndicate Finance Challenge.
Ahmed Mahmoud, the founder & CEO of ElGameya released a statement that mentions the role played by the company in helping the middle class when purchasing furniture, planning a marriage, or buying cars. He described the new innovation as a hallmark of the ‘age of fintech’ where digitizing gam3iya offers practicality, efficiency, and added benefits.
