Cairo – Egypt: Egypt-based financial technology (FinTech) platform, Money Fellows, has finished the first close of its Series B round with a $31 million investment.
The round was led by CommerzVentures, Middle East Venture Partners (MEVP), Arzan Venture Capital, Invenfin, and National Investment Company (NIC).
Existing investors such as Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures also participated in the round, according to a press release on Monday.
Founded in 2016 by Adham Badr and Ahmed Wadi, Money Fellows is a mobile-based platform that digitises money circles or Rotating Savings and Credit Associations (ROSCAs) that are widely known as “Gameya” in Egypt. Money fellows is the first to offer next-generation digital ROSCAs globally.
With hundreds of thousands of monthly active users and a solid 8x year-on-year (YoY) growth, Money Fellows offers a secure and convenient alternative to traditional finance that is more social, culturally favourable, affordable, and incentivising.
Ahmed Wadi, Founder and CEO of Money Fellows, stated: “The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market.”
The round will allow Money Fellows to accelerate its exponential growth by diversifying its portfolio of services and expanding its product offerings across the B2C and B2B segments, as well as its geographical expansion across Africa and Asia.
Stuart Gast, Invenfin CEO, commented: “Digitising widely used and culturally familiar money circles will be a key driver for achieving greater financial inclusion, not only in Egypt but in other emerging markets too.”
Laith Zraikat, Partner at Arzan Venture Capital, commented: “This is the second investment of our new Arzan VC Fund III and our largest ticket to date. Money Fellows embodies the kind of teams, ideas and products that we love to support; strong teams working on big ideas that change lives across the world. The innovation and uniqueness of the technology developed by the team has resulted in a highly scalable and frictionless experience for its users.”
