Money Fellows raises $13mln in strategic funding to enhance financial inclusion in Africa
This new round of investment is co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with notable contributions from Partech, and CommerzVentures, all of which are dedicated to driving innovation across emerging markets. This investment is set to support the company's expansion into new markets and drive a major shift in traditional methods of saving, borrowing, and investing by digitizing these services and delivering them in a modern, secure way. The goal is to advance financial inclusion and enable millions of individuals to access innovative and efficient financial services.
'Money Fellows is a critical player in Africa's financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,' said Ahmed Wadi, Founder and CEO of Money Fellows. 'This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.'
'ROSCA's (Rotating Savings and Credit Association) are very old financial arangements, with roots going back hundreds, if not thousands of years.' said Omar Laalej, Managing Director at AMV. 'AMV was impressed by the modernized version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt. We are excited to partner up with the team as they expand their horizon and capabilities.
'DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernizing traditional savings systems,' said Mohamed Aladdin, General Partner at DPI Venture Capital. 'We are excited to partner with such a visionary company on a mission to enable seamless access to financial management tools to consumers in Egypt, and look forward to seeing them expand their impact across the Middle East and Africa.'
'We are proud to support Money Fellows in their efforts to bring digital financial services to more people across Africa,' said Cyril Collon, General Partner at Partech. 'Their platform is uniquely positioned to leverage traditional savings practices while incorporating modern technology to drive financial inclusion on a massive scale.'
Patrick Meisberger, Managing Partner at CommerzVentures, added, 'The impact that Money Fellows is making in transforming savings practices is exactly the kind of innovation we're eager to support. By digitizing savings circles, they're not just changing the way people save – they're changing lives.'
Founded in 2017 by Ahmed Wadi, Money Fellows has quickly established itself as a leader in the Fintech space. With this new funding, the company is poised to expand its operations into new markets, including North Africa, with a focus on Morocco, a key market for digital financial services. This growth is expected to be bolstered by major upcoming events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which will significantly boost digital finance adoption across the region.
About Money Fellows
Money Fellows is a digital platform that modernizes Rotating Savings and Credit Associations (ROSCAs), a practice deeply rooted in African financial culture. With its easy-to-use mobile app, Money Fellows allows users to join savings circles, invest, and access credit in a secure, transparent, and efficient manner. To date, the platform has facilitated over $50 million in investments and supports 250,000 subscribers across multiple African countries.
About Al Mada Ventures (https://www.almadaventures.com)
Al Mada Ventures is a Venture Capital Fund investing capital in scalable, sustainable, and innovative startups that have the power to reshape industries across the African continent.
Fueled by a century-old African heritage and backed by 100% African capital, AMV supports visionary entrepreneurs that are developing and scaling transformative ideas for Africa and the world.
About DPI Venture Capital (https://www.dpi-llp.com/dpi-venture-capital/)
DPI Venture Capital is the venture platform of Development Partners International (DPI), a leading pan-African investment firm managing over $3 billion in assets and active across more than 40 African and several Middle Eastern countries. DPI VC backs early to growth-stage technology companies, with a focus on fintech and fintech-enabled startups from Seed through Series C via the Nclude fund. With a presence in Cairo, Lagos, Dubai, and London, the platform brings deep operational expertise and a strong network to help founders scale across markets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
14 hours ago
- Zawya
Kuwait: USD steadies at KD 0.305, Euro drops to 0.355
KUWAIT -- The US Dollar rate against the Kuwaiti Dinar on Tuesday settled at KD 0.305 and the Euro dropped by 0.37 percent to KD 0.355, compared to Monday's prices. The Central Bank of Kuwait (CBK) said in its daily bulletin that the exchange rate of the sterling pound edged down by 0.18 points to KD 0.410, the Swiss franc dropped by 0.53 percent to KD 0.376 while the Japanese Yen steadied at KD 0.002. The CBK declares the average day's currency rates and not prices of the actual transactions. All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (
Web Release
14 hours ago
- Web Release
SAIC Motor's Global Recognition Shines Light on MG's Middle East Success
SAIC Motor, the parent company of MG Motor, has ranked 138th on the prestigious 2025 Fortune Global 500 list, with revenues of USD 87.2 billion in 2024. This marks the company's 21st consecutive appearance, underscoring its global influence and consistent performance across key markets, including the Middle East. As the only Chinese automaker to sell over 1 million New Energy Vehicles (NEVs) and over 1 million vehicles overseas for three years in a row, SAIC's global success has been key to building MG's credibility and appeal in the Middle East. Having re-entered the Middle East market in 2015, MG has swiftly and strategically grown to break into the top 5 of best-selling manufacturers in the GCC, a success which has also been mirrored in other regional markets such as Iraq, Jordan, Lebanon and Morocco. Tom Lee, Managing Director of MG Motor Middle East, said: 'This global milestone reflects the strong foundations that support MG Motor globally and regionally. SAIC's backing is key to reinforcing MG's commitment to bring innovation, value, and a premium ownership experience to customers across the Middle East.' In the first half of 2025, SAIC delivered 2.2 million vehicles globally, including over 1.3 million from its self-owned brands such as MG. Despite challenging global conditions, the company recorded 646,000 NEV sales and 494,000 units sold overseas. In the Middle East alone, MG reported strong performance with 39,623 vehicles sold during the same period. MG's growth in the Middle East continues to be fuelled by strong consumer demand for smart, value-driven vehicles that offer advanced features, comfort, and performance. Flagship models such as the MG RX9, MG 7, and MG HS have proved popular with consumers in the region, supported by a robust dealer and service network that ensures accessibility and long-term customer satisfaction. Looking ahead, SAIC plans to launch 17 new global models over the next three years, many of which will be introduced to Middle East markets across the SUV, sedan, and NEV segments, enhancing MG's relevance and reach. With more than 6 million cumulative overseas vehicle sales and a presence in over 170 countries, SAIC's global strength directly empowers MG's continued growth in the Middle East building trust with customers and supporting the region's vision for a smarter, cleaner automotive future.
Khaleej Times
2 days ago
- Khaleej Times
Dollar slips before inflation report, US-China tariff deadline
The U.S. dollar extended declines on Monday as investors watched for the outcome of events due this week, from Tuesday's key July U.S. CPI data and deadline for Washington and Beijing to strike a deal tariffs, along with a Russia-U.S. summit on Friday. The dollar index fell 0.2% to 98.073 after last week's fall of 0.4%. Against the yen, it traded at 147.46 , or 0.20% weaker than late U.S. levels, with Japanese markets closed for the Mountain Day holiday. "If I'd be playing it any way, I'd be long volatility this week," said Tim Kelleher, head of institutional FX Sales at Commonwealth Bank in Auckland, citing the unpredictability of the looming events. Crypto markets surged, with bitcoin rising 3% to $121,909.06, not far from its July 14 record of $123,153.22, after President Donald Trump's executive order on Thursday freed up cryptocurrency holdings in U.S. retirement accounts. Ether was up 2.1% at $4,307.25, after touching its highest since December 2021 earlier in the session. Trade talks were also in focus as Trump's August 12 deadline for a deal between the U.S. and China neared, particularly on chip policy. "The market has fully priced in the idea that we're going to get an extension," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne, adding that another 90-day truce was most likely. With the U.S. and China seeking to close a deal averting triple-digit goods tariffs, a U.S. official told Reuters that chip makers Nvidia and AMD agreed to allocate 15% of China sales revenues to the U.S. government, aiming to secure export licences for semiconductors. "I don't know if that's going to be a good thing or a bad thing, but if it puts closure on the matter, it's not a bad outcome," Weston said. "If this is Trump says 15% and we'll call it a day, that may not be too bad." The report followed a warning that Nvidia's H20 chips pose security concerns for China, a social media account linked to state media said on Sunday. The offshore yuan fluctuated between gains and losses, trading at 7.184 to the dollar, after weekend data showed China's producer prices fell more than expected in July, while consumer prices were unchanged. The Australian dollar fetched $0.6526, trading flat ahead of a rate decision by the central bank on Tuesday, in which it is widely expected to cut interest rates by 25 basis points to 3.60%, after second-quarter inflation missed expectations and the jobless rate hit a 3-1/2-year high. The kiwi was little changed at $0.59545, while the British pound traded at $1.3465, up 0.1% so far on the day. Elsewhere, personnel moves at key U.S. monetary policy institutions were also in focus. U.S. Treasury Secretary Scott Bessent said the new Federal Reserve chair should be someone "who can examine the whole organisation" as the Fed's mission covered many things outside of monetary policy and put its independence at risk, Japan's Nikkei newspaper said. Among candidates the Trump administration is interviewing to lead the Bureau of Labor Statistics is E.J. Antoni, chief economist at the conservative Heritage Foundation, the Wall Street Journal said, citing a senior administration official.
