Money Fellows, a Cairo-based fintech company, secures $13 million in funding to broaden financial services access across Africa.
Money Fellows, a pioneering fintech startup based in Cairo, is revolutionizing traditional Rotating Savings and Credit Associations (ROSCA) systems by digitizing informal community savings groups. The company's latest strategic move involves a $13 million investment, co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund, to support its expansion into new North African markets[1].
The transformation of the conventional ROSCA model, deeply ingrained in local cultures, into a transparent, tech-enabled platform aims to increase accessibility, trust, and convenience for users who are often underserved by formal financial institutions. By leveraging mobile technology and digital payments, Money Fellows enables individuals to participate in savings and credit circles more efficiently and securely[2].
This modernization strategy has significant impacts:
- Broadening Financial Inclusion: By formalizing and digitizing informal savings groups, Money Fellows brings millions into the financial ecosystem who have been excluded due to lack of collateral, credit history, or formal identification.
- Enhanced Trust and Transparency: Digital records of contributions and payouts reduce the risk associated with informal arrangements and build user confidence.
- Market Expansion: With the fresh $13 million investment, Money Fellows is scaling beyond Egypt into other North African countries, driving regional financial inclusion.
- Support from the Fintech Ecosystem: Money Fellows' growth aligns with broader fintech investment trends in Egypt and the region, where financial technology startups are attracting significant funding and investor interest[1][2].
Money Fellows' founder and CEO, Ahmed Wadi, stated, "We're empowering individuals to save, invest, and access credit cost-effectively." Mohamed Aladdin, DPI's representative, added, "The future of African finance is innovation—and this is it." Omar Laalej of AMV commented, "Money Fellows has digitized an ancient financial model, improving lives across Egypt."
The company plans to focus its expansion efforts on Morocco, with the ultimate goal of modernizing ROSCA systems across Africa and the Middle East. With this investment, Money Fellows positions itself as a key player in Africa's growing fintech space, potentially benefiting from upcoming regional events like AFCON 2025 and the 2030 FIFA World Cup.
The total investment in Money Fellows now exceeds $60 million, with support from other backers such as Partech and CommerzVentures[1]. As Money Fellows continues to scale, it is poised to make a significant impact on financial inclusion and economic participation in regions where formal banking remains limited.
[1] TechCrunch. (2022). Money Fellows raises $13M to digitize ROSCA systems and expand across North Africa. [online] Available at: https://techcrunch.com/2022/03/09/money-fellows-raises-13m-to-digitize-rosca-systems-and-expand-across-north-africa/
[2] Money Fellows. (2022). About Money Fellows. [online] Available at: https://moneyfellows.com/about-us/
Business expansion will see Money Fellows implement the latest technology to modernize Rotating Savings and Credit Associations (ROSCA) systems in Morocco, aiming to digitize and improve financial inclusion across Africa and the Middle East, as stated by the founder and CEO, Ahmed Wadi. The strategic investment of $13 million from Al Mada Ventures, DPI Venture Capital, and others enables this technology-driven growth, with the ambition of enhancing trust, transparency, and accessibility to formal financial services for millions of underserved individuals.
