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Beltone Asset Management, an Egypt-based investment bank and asset manager, has partnered with fintech Telda to offer its investment products and mutual funds through the Telda app, allowing users to open investment accounts and invest directly from their mobile phones. The deal is the latest sign of how Egypt’s asset managers are increasingly turning to fintech platforms to reach retail investors, as competition intensifies for a growing pool of first-time and digitally native savers. Under the partnership, users will be able to open investment accounts within minutes using only a national ID, without paperwork or branch visits. They will gain access to Beltone products including the Meya Meya fund, Sabayek gold investment fund, B-Secure liquidity fund, and Wafra EGX 33, a Shariah-compliant equity fund. “Our partnership with Telda reflects our commitment to broadening access to investment solutions while evolving how investors engage with financial products in an increasingly digital environment. Through this collaboration, we are extending trusted investment products to a broader segment of users through a seamless and accessible experience,” Khalil El Bawab, CEO of Local and Regional Markets at Beltone Holding, said in a statement on Monday. Established in 2004 in Egypt, Beltone operates across the Middle East and North Africa. The company says it manages investments across more than 20 markets in the region, offering investment solutions to both institutional and individual clients. Investments under the Telda partnership will carry no subscription or commission fees, except for precious metals funds, while redeemed proceeds can be transferred directly to users’ Telda cards, the company said. The partnership comes as Egypt’s financial sector increasingly embraces digital distribution. In 2025, the country’s Financial Regulatory Authority approved the use of fintech across brokerage operations at firms including Telda, Beltone and Thndr, allowing investors to open accounts and access investment services entirely online. That regulatory shift has coincided with rapid growth in retail investing. The number of investor accounts registered on the Egyptian Exchange surged 215% year-on-year in the first quarter of 2026, according to FRA data. Egypt’s investment-fund market has expanded rapidly over the past year. Net asset value across all investment funds rose to EGP 410.6 billion ($8.148 billion) by the end of the first quarter of 2026, according to FRA data. Over the same period, the number of funds increased to 187, while fund certificates held by investors more than doubled. “This partnership marks an important step toward delivering a more integrated financial experience for our users by bringing together everyday financial services and investment solutions within a single platform,” said Ahmed Sabbah, CEO of Telda. Founded in 2021 and publicly launched in 2022, Telda is licenced by the Central Bank of Egypt and the FRA. The company allows users to send and receive money, pay bills, track spending, and invest in stocks listed on the Egyptian Exchange through a mobile-first platform. The Beltone-Telda partnership joins a growing number of collaborations between fintech platforms and asset managers seeking to broaden access to investment products in Egypt. In 2023, valU, a lifestyle-enabling fintech, partnered with Azimut Egypt, a global asset manager, to launch the AZ valU investment fund. Payments company Fawry teamed up with Misr Capital in 2022 to launch the Fawry Yawmy money market fund. More recently, digital wealth platform Menthum partnered with Beltone Asset Management in April 2025 to expand access to fixed-income investment products.
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Startups in the sector have raised over $1.28 billion since 2019. A third of the capital now comes as debt, in larger rounds, and from lenders rather than venture investors, a sign the sector is being financed like infrastructure For most of the last decade, investing in an African electric mobility startup was a bet on an unproven market. Our latest analysis of the funding data says that era is closing. Companies building electric two- and three-wheelers, e-buses, battery-swap networks and the financing to put vehicles under riders have raised $1.28 billion across 129 deals between 2019 and early June 2026, according to the TechCabal Insights Deal Tracker. The African Development Bank (AfDB) sees the same shift. According to Wale Shonibare, the director energy financial solutions, policy and regulation: “The Bank’s approach to supporting e-mobility operators is evolving and financing is now contingent on three conditions: scalable, commercially viable business models, predictable revenue streams, and an enabling regulatory environment. To back that transition, AfDB is developing the Green Mobility Facility for Africa (GMFA), a blended finance platform expected to mobilize more than $300 million to unlock commercial lending, support pipeline development and deploy capital through a mix of instruments including guarantees and financial intermediation with commercial banks.” Debt now funds a third of the sector, capital is arriving in larger rounds, and the companies winning it are increasingly looking like infrastructure operators. The climb has not been steady. Annual funding swung from $119 million in 2021 to $260 million in 2024, dipped to $180 million in 2025, then jumped again. In the first half of 2026 alone, the sector raised $313 million, more than all of 2025, on just ten deals. That record carries a caveat worth stating plainly: Spiro, the electric two-wheeler and battery-swap company, accounts for about $272 million of it, so the half-year reflects one company’s scale-up rather than a broad acceleration. Deal activity rose every year through 2025, and since 2021, rounds of $10 million or more have taken at least three-quarters of annual funding. The market now funds build-out, not just experiments. Share of Total Funding by Type (2019– June 2026*) Debt is the signal The clearest signal sits in the kind of capital. Equity still leads at 65% of the total, but debt has climbed to 34% ($437 million), from nothing in 2019, and it overtook equity in 2023. Lenders enter a sector only once its assets can be collateralised and its receivables predicted. “Mobility financing businesses are debt-intensive by nature,” says Dieko Ojo, an investment associate at Novastar Ventures, “and the ability to scale depends heavily on access to affordable and appropriately structured debt.” She points to the constraint that shapes the whole market: these businesses need patient capital, and when debt is expensive, too much operating cash goes to servicing it, slowing how fast operators can reach riders. That debt is largely development-led, from institutions such as Afreximbank and the International Finance Corporation (IFC) and climate-focused funds, with commercial banks like Absa only beginning to follow. It funds physical, revenue-generating assets: fleets, batteries and swap stations. Spiro frames the logic directly, calling electric mobility and energy infrastructure two sides of the same coin and positioning itself as an energy platform rather than an EV maker, with more than 2,500 swap stations deployed. The proof that this can pay is recent. “We are already cash positive in our two most mature markets,” the company told TechCabal Insights, the kind of cash generation that defines infrastructure, not venture. Capital clusters around a proven few The market’s other defining feature is its narrowness. Four companies hold 82% of all capital, and the top twelve hold 95%, a power-law distribution in which Spiro ($485 million) and Moove ($395 million) alone command 69%. Nigeria and Benin account for 77% of funding, but strip out Moove and Nigeria falls to $104 million, and strip out Spiro and Benin practically disappears. The breadth sits in Kenya, where 39 deals worth $143 million make East Africa the sector’s experimentation base. For riders, it is an economics story For the people the sector serves, the daily economics are the point. Going electric cuts a rider’s biggest running cost. Ampersand, the Rwandan e-motorcycle company, says its bikes cost half as much to power as petrol ones, which by its numbers saves riders around $700 a year and lifts take-home pay by about 45%, while financing models such as Moove’s use alternative credit scoring to bring drivers into vehicle ownership and formal credit, often for the first time. Policy is catching up: more than half of 21 African countries assessed by the United Nations Environment Programme (UNEP) and Africa E-mobility Alliance (AfEMA) have set e-mobility targets and incentives, driven largely by the cost of fuel imports. The AfDB director’s assessment reinforces the point: “Countries that have introduced targeted incentives, such as fiscal exemptions, supportive tariffs and clear EV standards, are already seeing stronger pipelines and investor interest, with Kenya, Rwanda and Ethiopia leading. The Bank is channelling capital accordingly, backing equity and debt funds including Persistent Africa Climate Venture Builder Fund, Zafiri and FEI across markets with strong policy momentum”. The funding data shows a sector that has begun to attract infrastructure-style capital, not just venture bets. But that shift is narrow. Two companies hold 69% of all capital and 78% of the debt, and only 51 startups have raised at all, so the asset-class case still rests on a handful of bellwethers proving the model. The largest opening sits where the demand is, in commercial two- and three-wheelers, the income-generating fleet that moves most of urban Africa.
Read MoreLaunch Africa, the pan-African venture capital firm with more than 180 portfolio startups, has returned $2.5 million to investors in its first fund after completing 11 exits, joining the small group of African investors that have actually returned liquidity to limited partners (LPs). African venture capital has had a returns problem. Funds were raised aggressively between 2018 and 2022, deployed across hundreds of startups, and then hit the same wall as the rest of the global venture market in 2022, when exits began drying up. According to Carta, the cap-table software firm, only just over half of 2020-vintage funds had returned any capital to LPs by the end of 2025, and roughly 15% of the nearly 2,900 US venture funds made their first distribution only during 2025. In Africa, the picture has been worse. Speaking at the Africa Prosperity Summit in November, Ventures Platform’s Kola Aina estimated that around $20 billion has been committed to African VC since 2020, against a benchmark expectation of $40 to $60 billion in returned capital by 2035. The gap is wide, and it is now the central conversation in African private capital. However, that conversation is slowly starting to shift because a handful of firms have begun returning money. In January 2025, Oui Capital, an early-stage VC firm, told its LPs it had returned its $4 million debut fund in full, after partially exiting its $150,000 stake in Moniepoint for $8 million when the Nigerian fintech became a unicorn. Launch Africa Ventures has now joined this small group of firms generating realised DPI. The Mauritius-domiciled, pan-African early-stage fund said it has returned roughly 7% of paid-in capital on the $36 million vehicle. Of the 11 exits, five were full, and six were partial. Eight were secondaries to other VCs and growth-stage investors, and three were trade sales or management buyouts. The largest realised multiple was 5x; no position came in below 1x. The exits span seven sectors, five in fintech, plus one each in payments infrastructure, agritech, logistics, B2B commerce, HR software, and employee wellness and six countries: South Africa (three), Nigeria, Ghana, Senegal, Tanzania, and Egypt. The exits make Launch Africa’s first fund distributed to paid-in capital (DPI)-positive, putting it ahead of more than half its global peers from the same vintage. DPI is a term used to measure the total capital that a private equity fund has returned thus far to its investors. In our conversation, Launch Africa managing partners Zachariah George and Janade du Plessis explain why they chose to begin returning capital in year five rather than waiting for the fund to end, why their fund one no-follow-on strategy actually made these exits easier, and what they have changed about portfolio construction in fund two. This interview has been edited for length and clarity. Of the 11 exits, how many were secondaries, and how many were full exits or partial exits? Janade du Plessis: From a partial versus full perspective, out of the 11, five were full exits, and six were partial exits. Of those, we can say one was a proper M&A; the exit in Egypt was a majority takeover, where someone bought 50% plus one of the company. Across all 11, the split between secondaries and non-secondaries was about eight secondaries and three trade sales or management buyouts. Zachariah George: Peach Payments is a good example. The Series A happened about a year ago. We sold our shares to a very prominent South African VC fund that wanted to get onto the cap table of Peach, alongside Enza Capital. 27four and Enza bought our stake concurrent with the closing of their Series A round, which was led by Apis. We sold our entire stake and made close to a 5x return, cash on cash. It was a full exit through a secondary to fellow VCs in the ecosystem, which I think is a beautiful story. That is how you build infrastructure. That is how you build the rails in a maturing ecosystem. What was the reasoning behind full exits in some cases and partial exits in others? Zachariah: The reason we did a full exit with Peach was that we have known the Peach management team for more than five years; Junade and I personally have known the founder for more than 10 years. Typically, you get really good multiples when you exit as part of a round. If you try to exit between rounds, there is not that much liquidity, so you get slightly lower multiples. When we spoke to Peach, they were not planning a Series B for at least another two to two and a half years. Our fund life is technically close to that time. We did not want to run the risk of waiting two or possibly three years for future liquidity at Series B. Because Peach is a really good fintech company, we did not want to sacrifice some return if a round did not happen in time. We made the decision to sell our full stake now, and we got a really good, almost full price of the primary. Janade: We come back to the team and say, Listen, we wanted a 10x, but we have a 5x on the table. How does that fit within the portfolio? How does it fit with the strategy? We evaluate everything that comes in. Most of the time, we say no because the exit opportunity was not right. With Peach, we had offers on the table for two years. It was the right story for Peach right now; it was good for our investors, and it was excellent for Peach. The confluence of all those factors made it the right thing at the right time. A lot of the time, we just say no. Janade: We also had a management buyout as part of our exits, which is very positive for the ecosystem. When founders have enough operating cash flow to pull back their own equity, that is a sign of a growing
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