Egypt: MoneyFellows, Egypt’s FinTech startup, raised $31 million in a series B funding round

MoneyFellows, an Egyptian fintech platform, raises $31 million in a Series B investment round led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. The round also witnessed participation from Invenfin, National Investment Company (NIC) as well as existing investors such as Partech, Sawari Ventures, 4DX and P1Ventures.

MoneyFellows will use the capital to accelerate its exponential growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B verticals, as well as its geographical expansion across Africa and Asia.

“We are proud to share with our stakeholders and our users the progress and growth which led Money Fellows to become one of the market-leading FinTechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute. 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,” said Ahmed Wadi, Founder and CEO of Money Fellows.

MoneyFellows is a mobile-based platformthat digitizes money circles or rotating savings and credit associations (ROSCAs) that are widely known as “Gaameya” in Egypt and other Arab countries. Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform.