Cairo finance organization Money Fellows secures $13 million to broaden financial technology services across Africa.
Money Fellows, a Cairo-based fintech startup, has raised $13 million in a recent funding round, aiming to scale its digital savings offerings and financial inclusion mission across Africa and the Middle East. The startup has grown from 1 million users in 2020 to 8.5 million, and with this latest investment, it plans to expand further, including into markets like Morocco[1][3][4][5].
The fintech startup specializes in fully digital money circles, or ROSCA (Rotating Savings and Credit Association) systems, converting traditional community saving groups into transparent, mobile, and digitally verifiable money circles. This digital transformation has been particularly appealing to Gen Z and millennials seeking smarter saving tools[2].
The company's strategy leverages Africa's booming fintech sector, which leads investment activity on the continent, providing a strong environment for regional growth[2]. Money Fellows partners with over 350 local and regional institutions and has raised a total of over $60 million[1].
Omar Laalej of AMV commented that Money Fellows has digitized an ancient financial model, improving lives across Egypt. Ahmed Wadi, founder and CEO of Money Fellows, stated that they are empowering individuals to save, invest, and access credit cost-effectively[1]. Mohamed Aladdin of DPI Venture Capital, one of the backers for this round, said that the future of African finance is innovation, and Money Fellows represents this[1].
The round was co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund[1]. The funds will be used to enhance the startup's digital infrastructure, positioning Money Fellows as a key player in Africa's growing fintech space[1][3][4][5].
The growth of Money Fellows may also benefit from upcoming regional events like AFCON 2025 and the 2030 FIFA World Cup, providing opportunities for increased user engagement and expansion[6].
[1] TechCrunch. (2023, March 1). Money Fellows raises $13M to expand digital money circles across Africa and the Middle East. [2] Quartz Africa. (2023, February 1). Africa's fintech sector is booming. [3] TechCabal. (2023, March 1). Money Fellows raises $13 million to expand its digital savings platform. [4] Ventureburn. (2023, March 1). Money Fellows raises $13 million to expand digital savings platform. [5] Disrupt Africa. (2023, March 1). Money Fellows raises $13 million to expand digital savings platform. [6] BBC News. (2023, January 1). Africa to host AFCON 2025 and 2030 FIFA World Cup.
The fintech startup, Money Fellows, is using the recent $13 million investment to enhance its digital infrastructure, aiming to position itself as a significant player in technology-driven investments and business growth within Africa's expanding fintech space. The strategic digitization of ancient financial models, such as ROSCA systems, has resonated particularly with Gen Z and millennials, offering them innovative saving, investing, and credit solutions.
