MoneyFellows, an Egyptian fintech platform, has secured $31 million in the first close of its Series B round, led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Other participants include Invenfin, National Investment Company (NIC), as well as existing investors like Partech, Sawari Ventures, 4DX, and P1Ventures.
MoneyFellows offers a mobile-based platform that digitizes money circles, known as “Gameya” in Egypt and other Arab countries. It is the first to offer next-generation digital ROSCAs globally, allowing users to manage financial obligations and achieve goals securely and conveniently. With hundreds of thousands of monthly active users and significant growth, MoneyFellows has become a preferred financial app in Egypt.
The funding will enable MoneyFellows to diversify its services, expand product offerings, and target B2C and B2B segments, as well as geographical expansion across Africa and Asia. Ahmed Wadi, Founder and CEO of Money Fellows, emphasized the support received from existing and new investors, highlighting their confidence in the business model and the opportunity in the Egyptian market.
Hangwi Muambadzi, Venture Partner at CommerzVentures, expressed excitement about partnering with Money Fellows and praised the transformative solution delivered by Ahmed and the team. The digital RoSCA-driven model is set to revolutionize financial solutions, demonstrating the potential of localized solutions to address global opportunities.
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