A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
A New Experience Is On The WayInvoZone
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Digitizing Money Circles Or Rotating Savings Associations Fintech Money Fellows Nets $31M

November 01, 2022 | 1 min read

Fintech Startup Money Fellows with an aim to digitize Money circles nets $31M and plans to expand its product offerings In a series B round the Egypt-based fintech Money Fellows nets funding of $31M in a round led by  CommerzVentures, MEVP,  Arzan Venture Capital, as well as Invenfin, National Investment Company (NIC). Existing investors Partech, Sawari Ventures, 4DX and P1Ventures.

Growth of Fintech Industry

The Fintech industry has been on the rise mainly because of the fintech apps and platform which are making individuals as well as companies more financially independent and inclusive. Another cause fintechs have successfully made their mark in our lives is because of the ease of use, efficiency and convenience. This is one of the few reasons that fintechs in the near future are going to be the ultimate need of the world.  That is why the fintech market value is anticipated to reach the value of $305 billion by 2025.

Money Fellows: Digitizing the finances

Money fellow is a mobile app platform that is into digitizing  money circles or rotating savings and credit associations. With hundreds of thousands of users the app surely has become the favorite of Egyptians witnessing the growth of 8x YoY growth. This round will help Money Fellow to instigate its growth by diversifying its product offering across the B2B and B2C segments. In inclusion to geographical expansion across Africa and Asia. Ahmed Wadi, Founder and CEO of Money Fellows.

"We are proud to share with our stakeholders and users the progress and growth which led Money Fellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company's vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.”