MoneyFellows is a collaborative Group Lending and Savings Platform. It is a trusted and more convenient way of finding and managing Money Circles online, by digitizing the traditional, informal offline ROSCA (Rotating Savings and Credit Association) Model, allowing users to meet their financial and saving needs.
For thousands of years, people have participated in offline Money Circles in the same way, facing a great number of difficulties and limitations. MoneyFellows digitizes the ROSCA model, making it more, secure, manageable and automated. Users can always find available Money Circles without being limited to their social network or geographic location and with a much larger variety of Payout dates and amounts.
MoneyFellows users can benefit from some of the following features:
- Flexible payment options (Credit Card, salary deduction, Direct Debit, Fawry payments, cash collection);
- Guaranteed payout dates and amounts;
- Secure Money Circles - users always receive 100% of their payout, even if other members of the circle are late or miss payments;
- Smart Credit Scoring System, where users continuously build up their score to unlock higher payouts;
- A variety of benefits for employees of their corporate partners.
About the founders/CEO:
MoneyFellows was founded in 2014 by Ahmed Wadi.
Ahmed holds a master's degree in Information Technology from Technische Universitat Munchen. Before obtaining his degree, Ahmed founded Objectly in 2005, before working in IT related roles in companies including the National Bank of Kuwait and Magneti Marelli. Prior to founding MoneyFellows, Ahmed worked as a Software Developer at Alpine Electronics, where he created a tool called 'Universal-User-Manager', which loads information from any source or server and adds them to groups, sorting them according to different criteria and much more.