MoneyFellows, an Egyptian fintech startup, has announced the first closure of its Series B round funding, totaling US$31 million.
The startup obtained a US$4 million Series A financing back in 2020, and CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital led the US$31 million first close of its Series B deal.
Participating in the round were Invenfin, National Investment Company (NIC), and pre-existing investors Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.
MoneyFellows is a mobile app that modernizes the traditional Egyptian and Arab practice of “Gameya,” also known as a Rotating Savings and Credit Association (ROSCA).
In order to promote financial inclusion and the digital transformation of Egypt, MoneyFellows has grown to be one of the market’s leading fintechs. We are glad to share this development with our stakeholders and users. Without the steadfast support of our current investors, who comprehend and support the company’s vision, as well as the persistence and faith of our new partners in the company and the team’s capability to execute, we would not have reached such a significant funding milestone, according to Ahmed Wadi, founder and CEO of Money fellows.
By increasing its product offerings throughout the B2C and B2B segments and diversifying its service portfolio, MoneyFellows will be able to accelerate its exponential growth thanks to the Series B financing.
Additionally, it intends to expand geographically into Asia and Africa.
This funding will allow the company to expand rapidly into new areas and accelerate its current growth.
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