The news
- Egyptian fintech MoneyFellows secures $13 million in pre-Series C funding to fuel regional expansion.
- The platform digitises traditional group savings (ROSCAs), enhancing financial inclusion across Africa.
- With over 8.5 million users, MoneyFellows has reached profitability in Egypt and plans to enter Morocco by year-end.
- Investors include Al Mada Ventures, DPI’s Nclude Fund, Partech Africa, and CommerzVentures.
Egyptian fintech startup MoneyFellows has raised $13 million in a pre-Series C funding round to accelerate its regional expansion and further digitise traditional group savings models. The round was co-led by Casablanca-based Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing the company’s total funding to over $60 million.
Founded in 2016 by Ahmed Wadi, MoneyFellows digitises the Rotating Savings and Credit Association (ROSCA) model, known locally as “gameya” in Egypt. The platform allows users to join or form digital savings groups, providing a modern, secure alternative to informal savings circles.
By leveraging behavioural data and credit scoring, MoneyFellows matches savers and borrowers within these groups, facilitating financial planning and access to credit without the need for traditional banking infrastructure.
The company’s innovative approach has resonated with users, growing its customer base to over 8.5 million and achieving profitability in Egypt. The average payout per user has nearly doubled in the past two and a half years, from 23,000 EGP ($453) to 45,000 EGP ($906), indicating strong adoption among higher-income segments.
With the new funding, MoneyFellows plans to expand into Morocco by the end of the year, a market with a strong informal savings culture and a large unbanked population. The company has secured key partnerships and regulatory approvals to facilitate this move. Beyond Morocco, MoneyFellows is eyeing other African and South Asian markets with similar dynamics, aiming to replicate its success in Egypt on a broader scale.
“MoneyFellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,” said Ahmed Wadi, Founder and CEO of MoneyFellows.
“This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.”
The company is also exploring additional financial products, including investment, payroll, insurance, and remittance services, positioning itself as a comprehensive digital banking solution for its users.
Earlier this year, MoneyFellows launched a prepaid card in partnership with Mastercard and Banque Misr, enabling users to receive payouts, repay instalments, and make purchases across a merchant network.
