Latest news with #ROSCA
Web Release
21-05-2025
- Business
- Web Release
ElGameya Fintech Closes 7-Figure USD Investment Round
ElGameya, Egypt's leading fintech platform digitizing the traditional ROSCA savings model, today announced the successful closing of a new 7-figure USD investment round, aiming to accelerate the development of its technology platform. The round was led by AYADY for Investment and Development, with participation from prominent investors including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro and a group of both local and international angel investors. Founded in 2020, ElGameya aims to modernize and streamline the culturally rooted ROSCA (Rotating Savings and Credit Association) model, which is an integral part of the financial culture in Egypt and many other countries. Through its user-friendly mobile app, the company enables individuals to join diverse circles and choose their preferred amount, duration, and convenient payout turn, while ensuring security and transparency in all transactions. It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans. Ahmed Abdeen, Founder & CEO of ElGameya, commented: 'We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation.' 'Over the past year, the company has achieved sustained 50% month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services,' added Abdeen. Osama Saleh, Chairman of AYADY For Investment & Development, stated:'Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We see ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.' Amr Aboulazm, Founding Chairman of ElGameya, added: 'We are proud to have earned the trust of such an esteemed group of investors. This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt & 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.' Hazem Kamel, Managing Director- Private Equity at NI Capital (the investment manager of AYADy), commented: 'Our investment in ElGameya reflects our strategic focus on backing high-potential fintech startups that can deliver innovative solutions and real economic impact. The ElGameya team has demonstrated deep market insight and the ability to execute. We look forward to seeing them achieve even greater milestones in the future.' This investment underscores a fintech opportunity on the rise at a time when the fintech sector across the Middle East and North Africa is witnessing unprecedented growth and increasing investor interest. ElGameya stands out as a strong example of an Egyptian startup leveraging this momentum to drive meaningful innovation and scale impact.
Zawya
20-05-2025
- Business
- Zawya
ElGameya Fintech closes 7-figure USD investment round
Cairo, Egypt – ElGameya, Egypt's leading fintech platform digitizing the traditional ROSCA savings model, today announced the successful closing of a new 7-figure USD investment round, aiming to accelerate the development of its technology platform. The round was led by AYADY for Investment and Development, with participation from prominent investors including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro and a group of both local and international angel investors. Founded in 2020, ElGameya aims to modernize and streamline the culturally rooted ROSCA (Rotating Savings and Credit Association) model, which is an integral part of the financial culture in Egypt and many other countries. Through its user-friendly mobile app, the company enables individuals to join diverse circles and choose their preferred amount, duration, and convenient payout turn, while ensuring security and transparency in all transactions. It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans. Ahmed Abdeen, Founder & CEO of ElGameya, commented: 'We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation.' 'Over the past year, the company has achieved sustained 50% month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services,' added Abdeen. Osama Saleh, Chairman of AYADY For Investment & Development, stated: 'Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We see ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.' Amr Aboulazm, Founding Chairman of ElGameya, added: 'We are proud to have earned the trust of such an esteemed group of investors. This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt & 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.' Hazem Kamel, Managing Director- Private Equity at NI Capital (the investment manager of AYADy), commented: 'Our investment in ElGameya reflects our strategic focus on backing high-potential fintech startups that can deliver innovative solutions and real economic impact. The ElGameya team has demonstrated deep market insight and the ability to execute. We look forward to seeing them achieve even greater milestones in the future.' This investment underscores a fintech opportunity on the rise at a time when the fintech sector across the Middle East and North Africa is witnessing unprecedented growth and increasing investor interest. ElGameya stands out as a strong example of an Egyptian startup leveraging this momentum to drive meaningful innovation and scale impact.
CNBC
24-04-2025
- Business
- CNBC
CNBC Excerpts: FTC Chair Andrew Ferguson Speaks with CNBC's Sara Eisen on 'Squawk on the Street' Today
WHEN: Today, Thursday, April 24, 2025 WHERE: CNBC's "Squawk on the Street" Following are excerpts from the unofficial transcript of a CNBC interview with FTC Chair Andrew Ferguson on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Thursday, April 24. Following is a link to video on All references must be sourced to CNBC. FERGUSON ON ENFORCEMENT ANDREW FERGUSON: I am different, look, I want vigorous antitrust enforcement. Competition is what makes America great. It's how we innovate. It's how we grow. Monopoly is not good for innovation, how we protect against monopolies, antitrust. But I want I want clarity and I want certainty for businesses. I want businesses to know that when you send a deal to the FTC, we're going to look at it quickly in the timeline that Congress gave us. If we think it's illegal and we can win in court, we're going to go to court. And if we don't, we're getting out of the way as quickly as possible. FERGUSON ON DEREGULATION FERGUSON: We're going to have lots of deregulation. President issued an EO directing me and the FTC to lead the charge on getting rid of anti-competitive regulations. We've asked the public to tell us what the anti-competitive regulations are. We're going to be asking agency heads to give us all of their regulations that they think are anti-competitive. And then we're sending a list to the White House recommending deletion of anti-competitive regulations. So we're all about deregulation. FERGUSON ON UBER CASE FERGUSON: Congress has passed laws protecting all of us when we are engaging with companies that have online subscriptions. Both when we sign up and when we try to cancel. And if companies are breaking that law, it's called ROSCA, they're going to, we're going to take them to court. And that's what the Uber case is about. This isn't. You know, like a campaign or anything. If we think there are clear violations of this law that's designed to protect consumers when they are subscribers, which all of us are, we're ready to go to court. FERGUSON ON META CASE FERGUSON: When Facebook acquired Instagram and WhatsApp, it did so to suppress competition. And one of the markets that's most important to American consumers, all of us saw in 2020 how much power these platforms have, not just over our economic lives, over our social lives, our political discourse, you know, our elections. All of us saw how powerful these companies are. That's what this case is about. It's about protecting Americans from the incredible market power of these companies and making sure that companies are competing with each other on the merits so we get innovation and growth. FERGUSON ON META SETTLEMENT FERGUSON: It's a big case. There's always settlement negotiations. There were settlement negotiations. But I think it's very important in order to protect American consumers that we see this case through. And that's why we're in the second week of trial. FERGUSON: Settlement negotiations are always complicated, but my main goal was protecting American consumers. If that could be done with a settlement, that would be great. And if it couldn't, we go to trial and we're at trial and I think that answers the question. FERGUSON ON DOGE FERGUSON: People voted for major reform. The president's giving to them. There are always ways that government can be more efficient, and that includes the FTC and our relationship with DOGE has been great. They've helped us become more efficient. We are becoming more efficient. I am thrilled that DOGE has been involved.
Epoch Times
22-04-2025
- Business
- Epoch Times
FTC Sues Uber Over Alleged ‘Deceptive Billing and Cancellation' Policies
The Federal Trade Commission (FTC) filed a lawsuit against rideshare company Uber, accusing it of misleading customers, the agency said in an April 21 The FTC alleged that the company 'charged consumers for its Uber One subscription service without their consent, failed to deliver promised savings, and made it difficult for users to cancel the service despite its 'cancel anytime' promises.' Uber's 'deceptive billing and cancellation practices' violate the ROSCA requires online retailers to clearly disclose service terms, secure customers' consent before charging them for a service, and offer a simple way to cancel any recurring subscriptions. 'Americans are tired of getting signed up for unwanted subscriptions that seem impossible to cancel,' FTC Chairman Andrew N. Ferguson said. 'The Trump-Vance FTC is fighting back on behalf of the American people.' The Related Stories 4/16/2025 4/5/2025 Uber dismissed the FTC allegations in an emailed statement to The Epoch Times. A company spokesperson said Uber does not sign up or charge customers without obtaining consent and that subscriptions can be canceled anytime via the app, taking 20 seconds or less for most people. The lawsuit charged Uber with a count of misrepresentation, alleging that the company 'directly or indirectly, expressly or by implication,' indicated to customers that they could cancel subscriptions at any time without incurring any additional costs. 'Consumers cannot cancel at 'any time' without being charged additional fees,' the complaint alleged. The Uber spokesperson said this process has been changed. In the earlier instance, customers who wanted to cancel within 48 hours of their next billing period were required to contact support to proceed with cancellation. 'This is no longer the case; consumers can now cancel in the app at any time, and we have refunded customers who had reached out to Uber Support to cancel within 48 hours of their next billing period,' the spokesperson said, adding that 'consumers who canceled were never charged additional fees.' The FTC said Uber failed to 'clearly and conspicuously disclose' all material terms to customers before obtaining their billing information. This includes disclosures such as enrollment in a recurring billing plan, the method of cancellation, when they will be billed and charged, and the amount of money users save by subscribing to the Uber One service. The company spokesman said Uber's sign-up for the One subscription 'shows material disclosures on the same screen as the option to choose payment method, including that the consumer will be charged on a recurring basis to a payment method on file at Uber, and that they can cancel up to 48 hours in advance of their next billing date to avoid charges.' Customer Complaints The FTC gave multiple examples of Uber allegedly misleading customers. For instance, when customers sign up for the One service, they are 'wrongly promised' savings of $25 per month, it said. The company does not take into account the cost of a subscription, which can be up to $9.99 per month, when calculating savings, the FTC said. Many customers said they were enrolled in the One service without consent, with one person saying they were charged even without having an Uber account, the FTC alleged. Uber allegedly made it 'extremely difficult' for customers to cancel subscriptions, forcing users to navigate up to 23 screens and take up to 32 actions to cancel. The Uber spokesperson said the company was 'disappointed that the FTC chose to move forward with this action' but believes that the courts will side with the company. 'Uber One's sign-up and cancellation processes are clear, simple, and follow the letter and spirit of the law,' the spokesperson said.
Time of India
21-04-2025
- Business
- Time of India
Uber faces ‘major problem' with its subscription service in US
The US Federal Trade Commission (FTC) has filed a lawsuit against cab-hailing platform Uber. The lawsuit filed in the US District Court for the Northern District of California accuses Uber of using deceptive billing and cancellation practices for its Uber One subscription service. According to the complaint, Uber enrolled consumers without consent, misrepresented and promised savings, and erected obstacles to cancelling, even though it marketed Uber One as a 'cancel anytime' service. The FTC highlights that these practices violate the FTC Act and the Restore Online Shoppers' Confidence Act (ROSCA). The lawsuit seeks a permanent injunction along with monetary relief for affected users. However, Uber has disputed the allegations and has claimed that its sign‑up and cancellation processes are clear, transparent, and legally compliant. What Uber said about FTC lawsuit In an email sent to CNBC, Noah Edwardsen, an Uber spokesperson, said that the company was 'disappointed' by the FTC's complaint but remains confident about the court's ruling being in its favour. 'Uber One's sign-up and cancellation processes are clear, simple, and follow the letter and spirit of the law. Uber does not sign up or charge consumers without their consent, and cancellations can now be done anytime in-app and take most people 20 seconds or less,' Edwardsen said. What US FTC said about Uber One subscription service In its complaint, the FTC accuses Uber of advertising 'savings of $25 a month' without factoring in the cost of the membership. The agency also alleges that Uber charged some consumers before their scheduled billing dates The FTC further argues that cancelling an Uber One subscription is made 'extremely difficult,' with some users told to contact customer service representatives who are unreachable. Several members reported being billed for an additional cycle despite cancelling their subscriptions, the complaint states. In a statement, FTC Chair Andrew Ferguson said: 'Americans are tired of getting signed up for unwanted subscriptions that seem impossible to cancel. The Trump-Vance FTC is fighting back on behalf of the American people.' Introduced in 2021, Uber One is priced at $9.99 per month or $96 annually and includes benefits such as fee‑free delivery and discounts on eligible ride bookings, delivery, and pickup orders. According to Uber's latest annual report, the service's member base reached 30 million in December 2024.
