Egyptian fintech Money Fellows lands $31m Series B funding
Cairo-based fintech Money Fellows has raised $31 million in a Series B funding round led by CommerzVentures, Middle East Venture Partners and Arzan Venture Capital.
Money Fellows bags $31m Series B funding
The round also featured participation from existing investors including Partech, Sawari Ventures, 4DX and P1Ventures, as well as new investors Invenfin and National Investment Company.
Founded in 2014 by Ahmed Wadi, Money Fellows has developed a mobile app that provides access to financial planning services and enables users to join and manage “money circles” – or Rotating Savings and Credit Associations (ROSCAs) – a popular method of collaborative group saving whereby people deposit and save money together.
The firm says users can sign up for slots in trusted and convenient money circles, “ensuring payouts are done on time and securely deposited”. It claims to be the first company to offer digital ROSCAs globally and boasts “hundreds of thousands of monthly active users” and 8x year-on-year growth.
Money Fellows will use the new funding to develop and add new services to its platform and expand its product offerings for both the B2B and B2C segments. The cash will also be used to fuel its planned international expansion across Africa and Asia.
