Egyptian fintech Money Fellows secures $13 million in funding to revolutionize traditional savings circles through its digital platform, reaching over 8.5 million users while maintaining profitability.
At a Glance
- Money Fellows raised $13 million in a pre-Series C funding round, bringing its total funding to over $60 million
- The round was co-led by Al Mada Ventures and DPI’s Nclude Fund, with Partech Africa and CommerzVentures participating
- The platform digitizes traditional rotating savings and credit associations (ROSCAs), known locally as “gam’eya”
- The fintech company serves over 8.5 million users with average payouts of approximately $900
- Funds will support regional expansion, starting with Morocco, and secure working capital partnerships with banks
Modernizing Traditional Savings Through Technology
Money Fellows has successfully raised $13 million in a pre-Series C funding round to enhance its digital platform that modernizes the centuries-old concept of rotating savings and credit associations. Founded in 2016 by Ahmed Wadi, the Egyptian fintech has reimagined the traditional “gam’eya” system, where groups of people contribute to a fund that each member can access in turn. The company’s innovative approach employs sophisticated data technologies including behavioral analysis and credit scoring to match users with compatible savings circles.
“Egyptian fintech MoneyFellows has raised USD 13 M in a pre-Series C funding round, marking a key step toward expanding its digital savings platform across North Africa and beyond.”, Ahmed Wadi said
Strategic Investment for Regional Growth
The funding round was strategically co-led by Al Mada Ventures and DPI’s Nclude Fund, with additional participation from Partech Africa and CommerzVentures. This latest investment brings Money Fellows’ total funding to over $60 million, positioning the company for significant expansion. The capital will primarily fund the company’s ambitious plans to extend its services beyond Egypt, with Morocco identified as the next target market for its innovative financial solution.
“The round was co-led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing the company’s total funding to over USD 60 M.”, said Ahmed Wadi
A Capital-Efficient Model for Financial Inclusion
Money Fellows has distinguished itself with a remarkably efficient business model that has allowed it to achieve profitability while distributing billions of Egyptian pounds with minimal reliance on its own balance sheet. The platform intelligently distributes default risk among users, creating a sustainable system that benefits all participants. With average payouts reaching approximately $900 per user, the service provides meaningful financial assistance to its 8.5 million users.
Expanding Services and Building Partnerships
Money Fellows is not resting on its success in digitizing traditional savings circles. The company has already launched a card product to facilitate payouts and repayments, streamlining the user experience. Future plans include adding investments, payroll solutions, insurance, and remittance services, transforming the platform into a comprehensive financial ecosystem. Additionally, the company is actively pursuing working capital partnerships with banks to further strengthen its financial infrastructure.
Global Potential Beyond North Africa
Investors have been drawn to Money Fellows not only for its current success but also for its potential to scale into other emerging markets where similar informal finance cultures exist. The company’s capital-light model has proven effective in Egypt, and leadership believes this approach can enhance financial inclusion across Africa and South Asia. By leveraging its technological platform and profitability in Egypt as a foundation, Money Fellows is positioned to bring accessible financial services to millions more users in underserved markets.
