Sequoia Capital has made its first investment in the Middle East by partnering with a venture capital fund that hired soccer star Mesut Ozil last year.
The U.S. venture capital firm led an initial funding round for Egyptian digital banking app Telda, with participation from Berlin-based Global Founders Capital and Class 5 Global, which Ozil joined as a strategic adviser. Telda said it raised $5 million.
Digital banks have taken off with the spread of finance technology in a region where millions lack access to banking services. Egypt, the most populous Arab nation, is among the 10 countries most reliant on cash and with the highest share of the unbanked population, according to an estimate by the Merchant Machine website.
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