Egyptian Startup MoneyFellows Secures $31M in Series B Round
Nov 1, 2022
Enrich Africa
3 minute(s) Read
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The first close of MoneyFellows' Series B round, which was led by CommerzVentures, Middle East Venture Partners ("MEVP"), and Arzan Venture Capital with a $31 million investment, has been announced.


MoneyFellows is one of the top fintech platforms in Egypt. Invenfin, National Investment Company ("NIC"), and Partech, Sawari Ventures, 4DX, and P1Ventures, all of whom had already invested, took part in the round.


Money Fellows is a mobile app that turns money circles, which are also called Rotating Savings and Credit Associations (ROSCAs) or "Gameya" in Egypt, into digital platforms. It was founded in 2016 by Adham Badr and Ahmed Wadi.


With the investment, Money Fellows will be able to drive its regional growth in Africa and Asia, as well as speed up its business and offer more products to both B2C and B2B customers.


A mobile-based company called Money Fellows digitalizes money circles, also called Rotating Savings and Credit Associations (ROSCAs), which are often referred to as “Gameya” in Egypt and other Arab nations. The first company to provide next-generation digital ROSCAs globally is Money Fellows.


Through the platform, customers can manage and plan their financial responsibilities and achieve their financial goals.


Money Fellows is an alternative to traditional finance that is more socially and culturally responsible, cost-effective, and inspiring. With hundreds of thousands of active users every month and a strong 8x YoY growth, the business has become one of the most popular financial apps in Egypt.


Money Fellows will be able to speed up its exponential growth thanks to this round. It will be able to add more services to its portfolio, offer more products in both the B2C and B2B markets, and expand into Africa and Asia.


With 2.4 billion people using traditional money circles around the world, the industry is mostly uncharted and ready for change.


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Ahmed Wadi, the founder and CEO of MoneyFellows, said that the fintech is happy to share with its users and stakeholders how it has grown and changed to become one of the best fintechs on the market in Egypt, promoting financial inclusion and the digital transformation of the country. The company claims that without the steadfast support of its current investors, who comprehend and support the company’s mission, as well as the tenacity and belief of its new partners in the company and the team’s capacity to execute, the fintech wouldn’t have reached such a significant financial milestone.


In these times of uncertainty and a lack of growth capital rounds, the support we received from top local and international venture capital firms demonstrates their trust and confidence in our business model, our team, and the overall potential of the Egyptian market, Ahmed added.


During the meeting, Dr. Amr Talaat talked about what the Ministry of Communications and Information Technology (MCIT) is doing to keep Egypt's startup and entrepreneurship sectors in a good place.


Egypt is currently first in the MENA region in terms of the number of annual offers made by ICT startups and second in terms of the amount of money invested in the country. Dr. Talaat also talked about the Ministry's plan to encourage new businesses and bring in more money from other countries.


The plan called for the construction of Digital Egypt Innovation Centres, through which entrepreneurs receive training, in addition to providing business acceleration, incubation programmes, and matching opportunities with investors from leading ICT businesses, both local and international. Usually, talks with investors go well, as they did with Money Fellows, which gives money to companies to help them grow.



Nov 1, 2022
Enrich Africa
3 minute(s) Read
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