Money Fellows, an Egyptian fintech platform, has announced that it has raised $31 million in the first close of its Series B financing. CommerzVentures, Middle East Venture Partners, and Arzan Venture Capital were in charge of the financing round. CommerzVentures had previously invested in Cledara and Helu.io. As well as current investors like Partech, Sawari Ventures, 4DX, and P1Ventures, Invenfin, National Investment Company are also interested.
By increasing its product offerings across the B2C and B2B segments and diversifying its service portfolio, Money Fellows will be able to accelerate its exponential growth thanks to the fundraising round. It will also emphasize the geographic expansion into Asia and Africa. By 2025, this investment will help Money Fellows establish itself as the top financial platform in the Middle East and Africa.
“To promote financial inclusion and the digital transformation of Egypt, Money Fellows has grown to be one of the market’s leading FinTechs. We are glad to share this development with our stakeholders and users,” according to Ahmed Wadi, the founder and CEO of Money fellows.
“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 capacity to execute, we would not have reached such a significant funding milestone,” Ahmed further added.
“Money Fellows is already a standout national success story, and we are tremendously delighted to join the company as they begin the next step in their growth path,” said Hangwi Muambadzi, Venture Partner at CommerzVentures.
Hangi continued, “Millions of people will continue to be able to reach their financial goals because of the revolutionary solution Ahmed and his outstanding team have given. For decades, Rotating Savings and Credit Associations have had a strong presence in developing economies all over the world.”
“What an exciting trip Money Fellows have gone through,” stated Jad El Boustani, MD, and Germine Bouchnack, Associate and MEVP’s Operations Manager for Egypt. We have followed the business since its inception, and we are proud of what Ahmed and his team have accomplished. They can offer a highly recurrent and sticky financing option to a mainly unbanked and underserved population because they have cracked such a challenging strategy.
Digitalizing commonly used and culturally accepted money circles will be a critical factor in attaining more financial inclusion, not just in Egypt but also in other emerging markets, according to Stuart Gast, CEO of Invenfin. Delivering transformational solutions in these significant and rapidly expanding markets, Invenfin is honored to collaborate with the Money Fellows team and co-investors.
This is our largest ticket to date and the second investment of our brand-new Arzan VC Fund III, said Laith Zraikat, a partner at Arzan Venture Capital. We are thrilled to be collaborating with Ahmed, the team, and our co-investors to realize this vision and spread Money Fellows around the globe.
In Egypt, MoneyFellows was established in 2014 by Ahmed Wadi. It is a mobile-based platform that digitalizes rotating savings and credit associations (ROSCAs), sometimes referred to as “Gameya” in Egypt and other Arab nations, which are also known as money circles. To ensure users can successfully manage and plan their financial responsibilities and reach their financial goals, the fintech business offers access to financial planning services.
Money Fellows is the first fintech company in the world to provide next-generation digital ROSCAs. Through the platform, users may efficiently manage and plan their financial responsibilities and realize their financial objectives. It provides a safe and practical substitute for conventional financing that is more sociable, inexpensive, and motivating.
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.
Image Credit: Money Fellows