MoneyFellows raises $4M
MoneyFellows, the financial enabler that digitizes money circles, has secured a $4 million Series A investment from Partech and Sawari Ventures. These fresh funds will be used to expand the company's operations nationwide in Egypt as well as further across Africa. What's more, the company intends to launch various new products in the coming months.
MoneyFellows, founded in 2014 by Ahmed Wadi digitizes the ROSCA model (known as gam’eyas in the Arab world, chit funds in India, committee in Pakistan, Tandas in Mexico, and tontine in West and Central Africa), 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.
“Being backed by Partech and Sawari Ventures - two top investment firms, helps us reap global, as well as local know-how, best practices and support,” founder and CEO of MoneyFellows Ahmed Wadi said. “Partech’s support from their African fund will help us expand into other countries in the continent with hands-on global expertise. While Sawari Ventures have been a cornerstone of Moneyfellows’ journey for the past three years; from day one they have been with us, and bring to the table a cachet of knowledge, alongside a vast network of relationships with key corporates and financial institutions, making them our optimal local partner.”
“We are proud to have MoneyFellows join Partech’s investment portfolio to support the company to scale and expand. The team is fantastic and the product sophistication is unique, making money circles attractive for millennials and their grandparents,” General Partner at Partech Cyril Collon said. “The impact of MoneyFellows on financial inclusion is already massive in Egypt, as the solution offers convenient secured lending and saving schemes to consumers by digitizing a traditional savings model.”
Read the full Pres Release here.