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MoneyFellows, a leading Egyptian fintech startup, has announced the successful closure of a $13 million pre-Series C funding round. The investment was led by Al Mada Ventures and Nclude Fund, with additional participation from Partech Africa and CommerzVentures. This latest funding brings the company’s total capital raised to over $60 million since its inception.
Founded in 2016 by Ahmed Wadi, MoneyFellows operates a mobile-based platform that digitizes Rotating Savings and Credit Associations (ROSCAs), commonly known as “Gameya” in Egypt and other Arab countries. These community-based savings groups have long been integral to informal financial systems across the region. MoneyFellows modernizes this tradition by providing a secure, transparent, and scalable digital alternative, enabling users to manage their financial obligations and achieve their financial goals more effectively.
The newly acquired funds will be utilized to accelerate the company’s expansion beyond Egypt, targeting key markets across Africa and Asia. MoneyFellows aims to enhance its platform’s capabilities, diversify its service offerings, and strengthen its position as a leading financial inclusion enabler in the Middle East and Africa.
This strategic investment underscores the growing confidence in fintech solutions that cater to underserved populations, providing them with accessible and culturally relevant financial services. With its innovative approach to digitizing traditional savings models, MoneyFellows is poised to play a pivotal role in the evolution of financial services in emerging markets.
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