Latest news with #Wadi
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."
