Financial institution Money Fellows, hailing from Cairo, secures $13M to broaden access to fintech services across Africa.
Cairo-Based Fintech Startup, Money Fellows, Raises $13 Million to Digitize ROSCA Systems
Money Fellows, a Cairo-based fintech startup, has secured $13 million in a funding round led by Partech, Al Mada Ventures, and DPI's Nclude Fund. This investment brings the total raised by the company to over $60 million.
The funding will be used to enhance Money Fellows' digital infrastructure, scale its operations to new countries, and modernize Rotating Savings and Credit Associations (ROSCA) systems. The company aims to position itself as a key player in Africa's growing fintech space.
Omar Laalej of AMV said, "Money Fellows has digitized an ancient financial model, improving lives across Egypt." Ahmed Wadi, founder and CEO of Money Fellows, added, "We're empowering individuals to save, invest, and access credit cost-effectively."
Partech's General Partner, Cyril Collon, emphasized their support for Money Fellows’ role in driving digital financial inclusion across Africa by digitizing traditional savings (game’ya) systems. Mohamed Aladdin of DPI said, "The future of African finance is innovation-and this is it."
Money Fellows partners with over 350 local and regional institutions. The growth of the company may be bolstered by upcoming regional events like AFCON 2025 and the 2030 FIFA World Cup. Additionally, Partech and CommerzVentures are also backers in this round.
With this funding, Money Fellows plans to expand into new markets, with a focus on Morocco. The company's mission is to make financial services more accessible and affordable for millions of people across Africa. As Omar Laalej of AMV stated, Money Fellows is improving lives across the continent.
The funding obtained by Money Fellows will be allocated towards enhancing their digital infrastructure, scaling operations to new countries like Morocco, and modernizing Rotating Savings and Credit Associations (ROSCA) systems, aiming to position themselves as a key player in Africa's growing fintech space. With their focus on digital financial inclusion, they aim to make financial services more accessible and affordable for millions of people across Africa, improving lives continent-wide.
