Egyptian fintech platform MoneyFellows has secured $4 million in a Series A investment from venture capital (VC) firms Partech and Sawari Ventures, as it works towards helping millions of new users reach their financial goals.
The announcement was made in a statement today by the Cairo-based collaborative group lending and savings platform, which was founded in 2016 by CEO Ahmed Wadi (pictured above).
The latest round follows a $1-million round that the startup raised from 500 Startups, Dubai Angel Investors and Phoenician Funds along with other unnamed individual investors participated in the round (see this story).
The startup’s platform helps users manage money circles by digitising the informal traditional rotating savings and credit association model.
The platform’s features include salary automated deductions, fixed payout dates as well as smart scoring system. The startup claims it has over 150 000 active users that are verified by a user assessment algorithm.
It said the investment will be used to expand the company’s operations further across Egypt as well as into the continent. The company also plans to launch a slew of new products in the coming months.
Wadi said Partech’s support from the investor’s African fund will help the startup to expand into other countries in the continent with “hands-on global expertise”.
Sawari Ventures managing partner Hany Al Sonbaty said in the same statement that in enabling people to save beyond their immediate circles, the startup is helping larger numbers of people as they become more financially aware.
This article originally appeared on Ventureburn. Featured image: Moneyfellows founder and CEO Ahmed Wadi (Supplied)
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