Cairo-based fintech Money Fellows has raised $13 million in a strategic funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund, with participation from Partech, CommerzVentures, and other investors, it announced on Monday. The investment brings the total funding raised by the company to over $60 million since its inception.
Founded in 2017 by Ahmed Wadi, Money Fellows digitizes traditional rotating savings and credit associations (ROSCAs) to provide users across Africa with accessible tools for saving, borrowing, and investing. The platform has grown to serve over 8.5 million users and partners with more than 350 local and regional businesses.
The startup plans to use the new funds to enhance its digital platform, expand into new markets; particularly North Africa with a focus on Morocco, and grow its team. Money Fellows expects its expansion to be bolstered by upcoming regional events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which are anticipated to accelerate digital finance adoption across the region.
Ahmed Wadi, Founder and CEO of Money Fellows, in a statement, said, “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.”
Omar Laalej, Managing Director at Al Mada Ventures, commented on the investment, noting that “ROSCAs are very old financial arrangements, with roots going back hundreds, if not thousands, of years. AMV was impressed by the modernized version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt.”
The latest funding comes after Money Fellows raised $31 million in the first close of its Series B round in October 2022, which was led by CommerzVentures, MEVP, and Arzan Venture Capital. At the time, it said, that it was aiming to raise up to $100 million in Series C.
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