Egypt-based fintech company Money Fellows has raised $13 million in a funding round led by Al Mada Ventures and DPI Venture Capital through the Nclude Fund, with support from Partech, CommerzVentures, and other investors.
Founded in 2017 by Ahmed Wadi, Money Fellows brings traditional savings groups (ROSCA) online, offering people across Africa easy tools for saving, borrowing, and investing.
The funding will be used to improve the company’s digital platform, expand into new markets, especially in North Africa, with a focus on Morocco, and grow the team.
In October 2022, the company completed the first part of its Series B funding round, raising $31 million. The round was led by CommerzVentures, MEVP, and Arzan Venture Capital, along with Invenfin and the National Investment Company (NIC). Existing investors like Partech, Sawari Ventures, 4DX, and P1Ventures also took part in the investment.
Press release:
Money Fellows, Africa’s top fintech digital platform, has raised $13 million in this new funding round. This brings the total investment in the company to over $60 million since it started. The new funding will be used to improve the company’s digital platform, especially as its user base grows to more than 8.5 million and it works with over 350 local and regional partners.
This new investment round is co-led by Al Mada Ventures (AMV) and DPI Venture Capital through the Nclude Fund, with essential contributions from Partech and CommerzVentures, all focused on driving innovation in emerging markets. The funding will help the company expand into new markets and change traditional ways of saving, borrowing, and investing by digitizing these services and making them modern and secure. The goal is to improve financial inclusion and allow millions of people to access innovative and efficient financial services.
“Money Fellows 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 Money Fellows. “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.”
“ROSCA’s (Rotating Savings and Credit Associations) are ancient financial systems, with origins dating back hundreds or even thousands of years,” said Omar Laalej, Managing Director at AMV. “AMV was impressed by how Money Fellows has modernized this system, making a positive impact on thousands of families in Egypt. We are excited to work with the team as they expand and grow their abilities.”
“DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernising traditional savings systems,” said Mohamed Aladdin, General Partner at DPI Venture Capital. “We are excited to partner with such a visionary company on a mission to enable seamless access to financial management tools for consumers in Egypt. We look forward to seeing them expand their impact across the Middle East and Africa.”
“We are proud to support Money Fellows in their efforts to bring digital financial services to more people across Africa,” said Cyril Collon, General Partner at Partech. “Their platform is uniquely positioned to leverage traditional savings practices while incorporating modern technology to drive financial inclusion on a massive scale.”
Patrick Meisberger, Managing Partner at CommerzVentures, said, “The way Money Fellows is transforming savings practices is exactly the kind of innovation we want to support. By bringing savings groups online, they’re not just changing how people save – they’re changing lives.”
Founded in 2017 by Ahmed Wadi, Money Fellows has quickly become a leader in the fintech industry. With this new funding, the company is ready to expand into new markets, including North Africa, mainly focusing on Morocco, a key market for digital financial services. This growth will be supported by major events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which are expected to boost the use of digital finance in the region.
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