Egyptian fintech digital platform Money Fellows has successfully raised US$13 million in a new financing round that takes the total amount invested in the company to over US$60 million since its inception.
MoneyFellows is a mobile-based platform that digitises money circles or Rotating Savings and Credit Associations (ROSCAs), which are widely known as “Gameya” in Egypt and other Arab countries.
Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform, with MoneyFellows offering a secured and convenient alternative to traditional finance that is more social, culturally favorable, affordable, and incentivising.
The company raised US$31 million in Series B funding back in 2022, and has now announced US$13 million in new investment to enhance and upgrade its digital platform, especially as its user base expands to over 8.5 million users and it continues to collaborate with more than 350 local and regional partners.
This new round of investment is co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with notable contributions from Partech, and CommerzVentures, all of which are dedicated to driving innovation across emerging markets.
This investment is set to support the company’s expansion into new markets and drive a major shift in traditional methods of saving, borrowing, and investing – by digitising these services and delivering them in a modern, secure way. The goal is to advance financial inclusion and enable millions of individuals to access innovative and efficient financial services.
“Money Fellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,” said Ahmed Wadi, founder and CEO of Money Fellows. “This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.”
Omar Laalej, managing director at AMV, said ROSCAs were very old financial arrangements, with roots going back hundreds, if not thousands of years.
“AMV was impressed by the modernised version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt. We are excited to partner up with the team as they expand their horizon and capabilities,” he said.
