Latest news with #MoneyFellows
CairoScene
06-05-2025
- Business
- CairoScene
MoneyFellows Raises $13M to Expand Savings Circles Beyond Egypt
MoneyFellows digitises ROSCAs to scale without lending from its own balance sheet—and it's now eyeing markets beyond Egypt May 06, 2025 Cairo-based fintech startup MoneyFellows has secured $13 million in a pre-Series C funding round co-led by Al Mada Ventures and DPI's Nclude Fund, with participation from Partech Africa and CommerzVentures. This investment brings the company's total funding to over $60 million. Founded in 2016 by Ahmed Wadi, MoneyFellows digitises the traditional rotating savings and credit association (ROSCA) model, known locally as 'gameya.' The platform enables users to join or form digital savings groups, matching savers and borrowers through behavioural data and credit scoring. Unlike traditional lenders, MoneyFellows operates a balance sheet-light model, only stepping in to fund slots when user groups are incomplete—a scenario that now occurs in fewer than 10% of cases. The company has grown to over 8.5 million users and achieved profitability in Egypt. The average payout per user has nearly doubled in the past two and a half years, from LE 23,000 to LE 45,000. With the new funding, MoneyFellows plans to expand into Morocco by the end of 2025, targeting markets with similar informal savings cultures and large unbanked populations. Further expansion into other African and South Asian markets is also under consideration. The company is also exploring the addition of services such as investment, payroll, insurance, and remittances, aiming to evolve into a comprehensive personal finance platform.
Zawya
06-05-2025
- Business
- Zawya
Egypt: Money Fellows secure $13mln funding to boost financial inclusion in Africa
Arab Finance: Cairo-based fintech digital platform Money Fellows raised $13 million in a new financing round to boost financial inclusion and enable millions of individuals to access innovative and efficient financial services, according to an emailed press release. This fundraising brings the total amount invested in the company to more than $60 million since its inception. The company will use the new investment, which was co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, to improve and upgrade its digital platform. Partech and CommerzVentures also participated in the transaction to drive innovation across emerging markets. The finetch has over 350 local and regional partners, with more than 8.5 million registered users registered within its platform. Additionally, the funding round aligns with the company's growth plans to expand into new markets and drive a major shift in traditional methods of saving, borrowing, and investing. On his part, Ahmed Wadi, Founder and CEO of Money Fellows, commented: '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.' '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,' Wadi highlighted. Mohamed Aladdin, General Partner at DPI Venture Capital, commented: '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.' © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Finextra
05-05-2025
- Business
- Finextra
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. 0 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."
Wamda
05-05-2025
- Business
- Wamda
Money Fellows secures $13 million to expand digital saving offerings across Africa
Egypt-based fintech Money Fellows has raised $13 million in a strategic funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund, with participation from Partech, CommerzVentures, and other investors. Founded in 2017 by Ahmed Wadi, Money Fellows digitises traditional savings circles (ROSCA) to provide users across Africa with accessible tools for saving, borrowing, and investing. The funding will be used to enhance the company's digital platform, expand into new markets—particularly North Africa, with a focus on Morocco—and grow the team. In October 2022, the company finished the first close of its Series B round with a $31 million investment led by CommerzVentures, MEVP, and Arzan Venture Capital, as well as Invenfin and National Investment Company (NIC). Existing investors Partech, Sawari Ventures, 4DX, and P1Ventures also invested in the round. Press release: Money Fellows, Africa's leading fintech digital platform, has successfully raised $13 million in this new financing round. This strategic extension brings the total amount invested in the company to over $60 million since its inception. The new investment aims to enhance and upgrade the company's digital platform, especially as its user base expands to over 8.5 million and it continues to collaborate with more than 350 local and regional partners. 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 digitising 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 arrangements, with roots going back hundreds, if not thousands, of years.' said Omar Laalej, Managing Director at AMV. 'AMV was impressed by the modernised 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 modernising 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 for 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 digitising 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.
Zawya
05-05-2025
- Business
- Zawya
Money Fellows raises $13mln in strategic funding to enhance financial inclusion in Africa
Cairo – Money Fellows, Africa's leading fintech digital platform, has successfully raised $13 million in this new financing round. This strategic extension brings the total amount invested in the company to over $60 million USD since its inception. The new investment aims to enhance and upgrade the company's digital platform, especially as its user base expands to over 8.5 million users and it continues to collaborate with more than 350 local and regional partners. 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 ( 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 ( 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.
