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, andtontine 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.

“Beingbacked by Partech and Sawari Ventures - two top investment firms, helps us reapglobal, as well as local know-how, best practices and support,” founder and CEOof MoneyFellows Ahmed Wadi said. “Partech’s support from their African fundwill help us expand into other countries in the continent with hands-on globalexpertise. While Sawari Ventures have been a cornerstone of Moneyfellows’journey for the past three years; from day one they have been with us, andbring to the table a cachet of knowledge, alongside a vast network ofrelationships with key corporates and financial institutions, making them ouroptimal local partner.”

“We are proud to have MoneyFellows join Partech’s investmentportfolio to support the company to scale and expand. The team is fantastic andthe product sophistication is unique, making money circles attractive formillennials and their grandparents,” General Partner at Partech Cyril Collonsaid. “The impact of MoneyFellows on financial inclusion is already massive inEgypt, as the solution offers convenient secured lending and saving schemes toconsumers by digitizing a traditional savings model.”

Read the full Press Release here.

Subscribe to our Newsletter now!