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Jack Dorsey’s Block, Sequoia Back Egyptian Fintech Firm Telda

Egyptian fintech startup Telda secured $20 million in seed funding from investors including Jack Dorsey’s Block Inc., a bright spot for the Middle East’s tech sector against the current global slowdown.

Existing backers Global Founders Capital led the financing round, Silicon Valley venture capital firm Sequoia Capital and new investor Block Inc. -- previously known as Square Inc. -- also participated. Telda will use the funds to expand into new markets and build its product offering, it said in a statement.