ElGameya raises seven-figure USD investment: Local fintech startup ElGameya closed an undisclosed seven-figure USD round led by the government’s Ayady for Investment and Development, according to a company statement (pdf).

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Other backers: The round was also backed by Jedar Capital, Cubit Ventures, Ventures Notes, PMaestro, and a number of local and international angel investors.

About ElGameya: Founded in 2020, ElGameya digitizes and streamlines the traditional rotating savings and credit association (ROSCA) model — locally known as gameya. ElGameya’s app allows users to join money circles suited to their needs, choosing their preferred amount, duration, and payout turn.

What they said: “This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt and the region. We believe digital ROSCAs have a vital role to play in enhancing financial literacy and expanding access to safe, adaptable savings and credit tools, especially for those who remain excluded from traditional financial systems,” said Amr Aboelazm, the founding chairman of ElGameya.

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