Egypt's MoneyFellows raises $13m for digital money circles
Egyptian fintech Money Fellows has raised $13 million for its mobile-based platform for money circles - where a group of people put funds into a pot for a specific period so that they can save and borrow together.
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The pre-Series C round was led by Al Mada Ventures and DPI's Nclude Fund, with participation from Partech Africa and CommerzVentures.
Popular in Egypt and other Arab countries under the name 'Gameya', Money Circles are also known as Rotating Savings and Credit Associations (ROSCAs).
ROSCAs work by pulling together a group of people that each agree to pay a set amount of money each month for a set amount of time. Each month, one member gets that period's amount. So, if 10 people agree to pay $100 for 10 months, each month one member receives $1000.
MoneyFellows digitises the process, using behavioural data, credit scores, and income tiers to connect savers and borrowers, broadening the potential pool of Money Circle partners beyond the traditional group of close friends and family.
Launched in 2018, the MoneyFellows now claims over 8.5 million users and an average payout per user of around $900, helping the company hit profitability.
Ahmed Wadi, CEO, MoneyFellows, tells TechCrunch: "We have managed to crack this model and reach profitability,' said Wadi. 'Doing this while lending out billions without relying on working capital at all is quite disruptive in itself."
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