MoneyFellows raises $4 million in Series A round from Partech and Sawari Ventures
Investment
will fund MoneyFellows’ expansion into Africa and new product launches
Cairo, Egypt
22 June 2020
Egyptian
fintech platform MoneyFellows has secured $4 million in Series A investment
from venture capital firms Partech and Sawari Ventures, as it works towards
helping millions of new users reach their financial goals.
MoneyFellows
is a financial enabler that digitizes money circles or ROSCA (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). This
allows users to more effectively manage and fulfill their financial needs. The
company is a first-mover in supporting the financial inclusion and digital
transformation mandate of the Egyptian government and Central Bank of
Egypt.
Currently,
MoneyFellows has more than 150,000 active users that are verified by a user
assessment algorithm. The investment will be used to expand the company’s
operations nationwide in Egypt as well as further across Africa. The company
also plans to launch a slew of new products in the coming months.
“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.”
"MoneyFellows is one of the most promising fintech companies to
come out of the region; their fusion of technology and existing ROSCA culture
solves both the problem of financial inclusion and helps people to better plan
their personal finances,” Managing Partner at Sawari Ventures Hany Al
Sonbaty said. “In enabling people to save beyond
their immediate circles, they are not only promoting a culture of saving, but
also facilitating a gateway for the further introduction of financial services
to larger numbers of people as they become more financially aware. We are
thrilled to be investing in the company and joining them on this exciting
journey."
About Moneyfellows:
MoneyFellows is a financial enabler
that provides access to financial planning services, such as money circles and
direct lending, to ensure users can effectively manage and plan their financial
obligations, and achieve their financial goals. Through managing money circles
(gam’eyas), MoneyFellows allows users to sign up for slots in trusted and
convenient money circles, ensuring payouts are done on-time and securely
deposited. Users can use MoneyFellows to achieve their personal, financial
goals, such as paying their children’s school tuition on time or buying certain
products and assets. MoneyFellows has raised over $6 million in investment over
the past three years.
About
Partech:
With a
current portfolio of almost 180 companies spread across 30 countries in Europe,
the US, Africa, and Asia, Partech has been one of the leading international
investors helping visionary founders for almost 40 years. The Partech team –
made up of both former entrepreneurs and executives from 15 different countries
– brings capital, experience, strategic support, and networks to entrepreneurs
at every stage of development: seed, venture, and growth. With over €1.5B under
management, Partech invests from €200K to €50M in B2B and B2C technologies
reshaping industries. Companies backed by Partech have completed more than 21
IPOs and more than 50 strategic M&A transactions valued over $100M. See Partech's
current portfolio.
About Sawari Ventures:
Sawari Ventures is
a leading venture capital firm based in Cairo. We invest in people turning
visionary ideas into market-leading technology companies in Egypt, Morocco and
Tunisia, believing in the transformative power of entrepreneurial thinking. We
are committed to impactful investing for the future success of our companies,
our communities and our region.
For more information, please
contact:
Maged Ali
+2 01023331586