Cairo-based fintech platform Money Fellows has raised $13 million in a strategic funding round aimed at accelerating its mission to promote financial inclusion across Africa. This latest capital injection brings the company’s total funding to over $60 million since its founding in 2017. The fresh investment will support scaling the company’s operations, enhancing its digital offerings, and preparing for expansion into key regional markets.
Leading Investors Back Visionary Fintech
The round was co-led by Al Mada Ventures (AMV) and DPI Venture Capital through the Nclude Fund, with further participation from Partech and CommerzVentures. These investors are recognized for their focus on transformative innovation in emerging markets, making their involvement a strong endorsement of Money Fellows' impact and growth potential. The support reflects growing confidence in the company’s strategy to modernize traditional saving methods and deliver tech-enabled financial tools to underserved communities.
Transforming Traditional Finance Through Technology
Money Fellows is known for digitizing Rotating Savings and Credit Associations (ROSCAs), a practice embedded in African financial culture for generations. The platform allows users to join savings circles, invest, and access credit through a secure, transparent mobile app. With more than 8.5 million users and partnerships with over 350 local and regional entities, the company is revolutionizing how people engage with personal finance.
Leadership Underscores Social Impact Mission
Ahmed Wadi, Founder and CEO of Money Fellows, emphasized the company's commitment to financial empowerment through community-driven fintech solutions. He noted that the new funding validates the team’s vision of delivering impactful and accessible financial services to people in underserved areas. Wadi highlighted how the platform helps individuals save, borrow, and invest affordably and efficiently, all while building financial resilience.
Investor Confidence in Modernizing ROSCAs
AMV Managing Director Omar Laalej praised Money Fellows for reimagining ROSCAs for the digital age and commended its positive impact on thousands of families in Egypt. He expressed confidence in the company's ability to extend its reach and deepen its capabilities as it targets broader markets. Laalej emphasized AMV’s enthusiasm for supporting ventures that blend cultural familiarity with cutting-edge technology to solve real-world challenges.
Expanding Footprint Across Africa and the Middle East
DPI General Partner Mohamed Aladdin affirmed the firm's belief in the transformative potential of digital financial tools across the African continent. He described Money Fellows as a trailblazer in adapting traditional systems into scalable, tech-powered services that address longstanding gaps in financial access. With Egypt as a base, the company is now setting its sights on Morocco and other North African markets, aligning with major continental events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.
Driving Mass Adoption of Digital Finance
Cyril Collon of Partech and Patrick Meisberger of CommerzVentures also expressed support for Money Fellows’ approach to inclusive finance. Collon emphasized how the company is leveraging familiar financial behaviors and transforming them through digital innovation. Meisberger added that by digitizing savings circles, Money Fellows is not only modernizing financial practices but also significantly improving lives in the process.
Since its inception, Money Fellows has facilitated over $50 million in investments and currently serves 250,000 active subscribers across several African countries. The latest round of funding will enable the fintech firm to continue building out its product offerings and infrastructure to serve a rapidly growing user base. With strong investor backing and a clear focus on financial inclusion, the company is well-positioned to shape the future of fintech across Africa and the Middle East.