Grace Ashiru
MoneyFellows, an Egyptian fintech startup, just closed the first part of its US$31 million Series B round of funding.
The company got a US$4 million Series A loan in 2020, and the US$31 million first close of its Series B deal was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital.
Invention, National Investment Company (NIC), Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures, already investors, took part in the round.
MoneyFellows is a mobile app that updates the traditional Egyptian and Arab practice of “Gameya,” also known as a Rotating Savings and Credit Association (ROSCA).
MoneyFellows has developed as one of the market’s leading fintech companies to promote financial inclusion and Egypt’s digital transformation. We are excited to share this news with our stakeholders and users.
We are excited to share this news with our stakeholders and users.
Ahmed Wadi, founder and CEO of Money Fellows, says that we would not have reached such a significant funding milestone without the continued support of our current investors. They understand and support the company’s vision, the persistence and faith of our new partners, and the team’s ability to execute.
With the Series B funding, MoneyFellows will be able to speed up its exponential growth by offering more products in both the B2C and B2B markets and a more comprehensive range of services.
It also wants to grow geographically into Asia and Africa.
With this money, the company will be able to move quickly into new areas and speed up its current growth.
