Money Fellows, an Egyptian FinTech firm, said on Sunday that it has secured USD 31 million to extend its service range and grow throughout Africa and Asia.
The series B financing, the company’s fourth since 2018, was led by CommerzVentures, Middle East Venture Partners, and Arzan Venture Capital of Kuwait.
The round was also attended by South Africa’s Invenfin and Kuwait’s National Investments Company, as well as previous investors such as ParTech, Egypt’s Sawari Ventures, Africa-focused 4DX Ventures, and P1Ventures.
Ahmed Wadi, Money Fellows’ founder and CEO:
“We would not have reached such a critical financial milestone without the strong support of our existing investors, who understand and support the firm’s mission, as well as our new partners’ patience and conviction in the company and the team’s ability to deliver.
The support we received from top local and global venture capital firms amid moments of uncertainty and scarcity of growth funding rounds reflects their belief in our business strategy, our team, and the overall possibility in the Egyptian market.”
Money Fellows, which was founded in 2016, is a mobile-based platform that digitizes money circles, or rotating savings and credit groups.
In Egypt and other Arab nations, a rotating savings and credit organization is a group of individuals who serve as an informal financial institution known as “gameya.”
According to Money Fellows, 2.4 billion individuals worldwide use money circles through traditional methods, making the sector mostly unexplored and ready for innovation.
“For generations, rotating savings and credit societies have been firmly ingrained in emerging nations throughout the world,” said Hangwi Muambadzi, venture partner at CommerzVentures, which manages €550 million (USD 548 million) across three funds.
“It’s fantastic to see this new digital ROSCA-driven model emerge from Africa, establishing a trusted paradigm for delivering financial solutions and setting a new benchmark for leveraging localized solutions to solve for global possibilities.”
Money Fellows has collaborated with a number of payment processors and financial institutions, including Fawry in 2019, Banque Misr and Mastercard in 2021, and Vodafone Cash this year.
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