Money Fellows, an Egyptian fintech platform, has announced the first close of its Series B round by raising $31 million. The investment round was led by CommerzVentures (which invested in Cledara and Helu.io), Middle East Venture Partners, and Arzan Venture Capital. Invenfin, National Investment Company as well as existing investors such as Partech, Sawari Ventures, 4DX, and P1Ventures.
Expansion in Africa and Asia
The financing round will allow Money Fellows to accelerate its exponential growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B segments. Also, it will focus on the geographical expansion across Africa and Asia. This investment will support Money Fellows to become the leading financial platform in the Middle East and Africa by 2025.
“We are proud to share with our stakeholders and our users the progress and growth which led Money Fellows to become one of the market-leading FinTechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute,” said Ahmed Wadi, Founder and CEO of Money fellows.
Hangwi Muambadzi, Venture Partner at CommerzVentures, said: “Money Fellows is already a standout national success story, and we are incredibly excited to partner with the company as they begin the next phase in their growth journey. Ahmed and his stellar team have delivered a transformative solution that will continue to enable millions to achieve their financial goals. Rotating Savings and Credit Associations have been deeply embedded in emerging markets across the world for centuries.”
Jad El Boustani, Managing Director, and Germine Bouchnack, Associate and Egypt’s Operations Manager at MEVP, said: “What an inspiring journey Money Fellows have gone through! We have been following the company since its launch and we are impressed by what Ahmed and his team have achieved. Their ability to crack such a difficult model enables them to provide a highly recurring and sticky financing option to a largely untapped and underbanked population.”
Stuart Gast, Invenfin CEO, commented: “Digitizing widely used and culturally familiar money circles will be a key driver for achieving greater financial inclusion, not only in Egypt but in other emerging markets too. Invenfin is proud to partner with the Money Fellows team and co-investors in delivering transformative solutions in these key and fast-growing markets.”
Laith Zraikat, Partner at Arzan Venture Capital, commented: “This is the second investment of our new Arzan VC Fund III and our largest ticket to date. We are excited to be working with Ahmed, the team and our co-investors to make this dream a reality and bring Money Fellows to the rest of the world.”
Enables achieve personal financial goals
MoneyFellows was founded in 2014 by Ahmed Wadi in Egypt. It is a mobile-based platform that digitises money circles or Rotating Savings and Credit Associations (ROSCAs) that are widely known as “Gameya” in Egypt and other Arab countries. The fintech startup provides access to financial planning services to ensure users can effectively manage and plan their financial obligations and achieve their financial goals.
Money Fellows is the first fintech to offer next generation digital ROSCAs globally. Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform. It offers a secured and convenient alternative to traditional finance that is more social, affordable, and incentivising.
With hundreds of thousands of monthly active users and a solid 8x year-on-year growth, the company has become one of the favorite financial apps for Egyptians.
