Egyptian fintech startup MoneyFellows has recently announced securing $13 million in pre-Series C funding to support its expansion across the region. The funding round was co-led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing the total funding raised by the company to over $60 million.
Founded in 2016 by Ahmed Wadi, MoneyFellows aims to digitize traditional group savings models, specifically the Rotating Savings and Credit Association (ROSCA) commonly known as “gameya” in Egypt. By offering a digital platform for users to join or form savings groups, MoneyFellows provides a secure and modern alternative to informal savings circles. The platform utilizes behavioral data and credit scoring to match savers and borrowers within these groups, enabling financial planning and access to credit without relying on traditional banking systems.
With over 8.5 million users, MoneyFellows has achieved profitability in Egypt and is now looking to expand its operations to Morocco by the end of the year. The company has identified Morocco as a market with a significant informal savings culture and a large unbanked population, making it an ideal target for expansion. In addition to Morocco, MoneyFellows has plans to enter other African and South Asian markets with similar financial dynamics, with the goal of replicating its success on a broader scale.
Ahmed Wadi, Founder and CEO of MoneyFellows, expressed his excitement about the company’s growth and the potential impact on financial inclusion in underserved regions. He emphasized MoneyFellows’ commitment to empowering individuals to save, invest, and access credit in a cost-effective and impactful manner.
In addition to its core savings and credit services, MoneyFellows is also exploring the introduction of new financial products such as investment, payroll, insurance, and remittance services. By offering a comprehensive digital banking solution, the company aims to cater to the diverse financial needs of its users.
Earlier this year, MoneyFellows launched a prepaid card in collaboration with Mastercard and Banque Misr, allowing users to receive payouts, repay instalments, and make purchases at merchant locations. This initiative further reinforces MoneyFellows’ commitment to driving financial inclusion and providing convenient financial solutions to its growing user base.
