MoneyFellows, Egyptian Fintech Startup Secures $31m in Series B First Closing
MoneyFellows is a smartphone platform that digitalizes money circles, also known as Rotating Savings and Credit Associations (ROSCAs), which are also popularly referred to as “Gameya” in Egypt and other Arab nations.
Through the platform, users may efficiently plan and manage their financial responsibilities and reach their financial goals. MoneyFellows provides a safe and practical alternative to traditional finance that is more socially and culturally acceptable, accessible, and motivating.
The business obtained a US$4 million Series A financing back in 2020, and CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital led the US$31 million first close of its Series B deal. Participating in the round were Invenfin, National Investment Company (NIC), and pre-existing investors Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.
With hundreds of thousands of active users each month and strong 8x annual growth, the business has emerged as one of Egyptians’ preferred financial apps. By increasing its product offerings throughout the B2C and B2B segments and diversifying its service portfolio, MoneyFellows will be able to accelerate its exponential growth thanks to the Series B financing. Additionally, it intends to expand geographically into Asia and Africa.
In order to promote financial inclusion and the digital transformation of Egypt, MoneyFellows has grown to be one of the market’s leading fintechs. We are glad to share this development with our stakeholders and users. Without the steadfast support of our current investors, who comprehend and support the company’s vision, as well as the persistence and faith of our new partners in the company and the team’s capability to execute, we would not have reached such a significant funding milestone, according to Ahmed Wadi, founder and CEO of Money fellows.
“The support we received from leading local and international venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market,” said the venture capitalists.
According to CommerzVentures venture partner Hangwi Muambadzi, MoneyFellows is already a noteworthy national success story.
“We are overjoyed to work with the business as they enter the following stage of their growing adventure. Millions of people will continue to be able to reach their financial goals because to the revolutionary solution Ahmed and his outstanding team have given. Rotating Savings and Credit Associations have a long history of being firmly established in developing countries all over the world. It’s fantastic to see this new digital ROSCA-driven paradigm coming out of Africa, he added. It establishes a new benchmark for deploying locally tailored solutions to address global opportunities while also establishing a trusted model for delivering financial solutions.
