$31 M first Series B funding raised by Egyptian fintech startup MoneyFellows
MoneyFellows, an Egyptian FinTech firm, has announced the first closure of its Series B round fundraising with a US $31 million investment to support it as it expands into new countries and accelerates its growth.
MoneyFellows is a smartphone application that digitalizes money circles, also known as Rotating Savings and Credit Associations (ROSCAs), which is also often 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 objectives. MoneyFellows provides a safe and practical alternative to traditional finance that is more socially and culturally acceptable, accessible, and motivating.
The firm secured a Series A investment of US$4 million back in 2020, and CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital led Series B’s first closing of US$31 million. Other investors in the round included Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures in addition to Invenfin and National Investment Company (NIC).
The startup has emerged as one of Egyptians’ preferred financial applications with hundreds of thousands of monthly active users and a strong 8x year-over-year increase. By extending its service portfolio and increasing its product offerings throughout the B2C and B2B segments, MoneyFellows will be able to accelerate its exponential growth thanks to the Series B financing. A geographical expansion into Asia and Africa is also planned.
“We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintech 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.
“The support we received from leading local and global 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.”
According to CommerzVentures venture partner Hangwi Muambadzi, MoneyFellows is already a noteworthy national success story.
“We are incredibly excited to partner with the company as they begin the next phase in its 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. It is brilliant to see this new digital ROSCA-driven model emerge from Africa, creating a trusted model of delivering financial solutions and setting a new standard on using localized solutions to solve for global opportunities,” he said.
