An Egyptian fintech startup, Money fellows, has raised $31 million in its latest series B funding round.
Commerce Ventures, Middle East Venture Partners (MEVP), and Arzan Venture led the funding round, including funds from National Investment Company (NIC), Invenfin, Sawari Ventures, and existing investors Partech, 4DX, and P1Ventures.
The startup says that the money will help it diversify its portfolio, offer more products in the B2C and B2B markets, and grow in other parts of Africa and Asia.
The CEO and founder of Money Fellows, Ahmed Wadi, said this about the success of the fundraising: “We are proud to share with our stakeholders and users the progress and growth that led Money Fellows to become one of the market-leading fintech in Egypt, enabling financial inclusion and digital transformation in the country.
“We wouldn’t have reached such an important funding milestone without the strong support of our existing investors, who understand and support the company’s vision, as well as the persistence and faith of our new partners in the company and the team’s ability to execute.
Leading local and international venture capital firms assisted when the market was unstable, and growth capital rounds were hard to come by. This shows that they believed in our business model, our team, and the overall opportunity in the Egyptian market.
Money Fellows is a place where people can work together to save and borrow money. The app aims to bring together people looking for money circles who don’t know each other.
The ROSCA model is used in more than 90 countries around the world. In India, it is called “Chit funds” in the Arab world, “Gam’eya,” in Pakistan, and in Mexico, “Tandas.”
MoneyFellows has more than 500,000 users, with 200,000 of them using it regularly. The startup’s income has increased by between 35 and 45% every month.