Egyptian fintech, Money Fellows raises $13M to enhance financial inclusion in Africa

Money Fellows, Africa’s leading fintech digital platform, has raised $13 million in new funding. The round, which saw participation from Partech Africa and CommerzVentures, brings the total amount invested in the company to over $60 million since its inception.

The investment round was co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund.

The new investment round, the company says, will enable it to enhance and upgrade its digital platform, especially as its user base expands to over 8.5 million users and it continues to collaborate with more than 350 local and regional partners.

It will also be used to drive the company’s expansion into new markets and drive a major shift in traditional methods of saving, borrowing, and investing—by digitising these services and delivering them in a modern, secure way.

The goal is to advance financial inclusion and enable millions of individuals to access innovative and efficient financial services.

“Money Fellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,” said Ahmed Wadi, Founder and CEO of Money Fellows.

“This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way”, he added.

Founded in 2017 by Ahmed Wadi, Money Fellows has quickly established itself as a leader in the Fintech space. Money Fellows aims to digitise what’s commonly known as the Rotating Savings and Credit Association (ROSCAs), a system where a group of people agree to contribute money for a specific period, thereby saving and borrowing together.

Here’s how it works:

Let’s say 10 people come together and agree to pay $1,000 monthly for 10 months. At the end of each month, a member gets $10,000. It keeps rotating until everyone receives their payout. 

This system works best with a tight-knit group of friends or family because it can be risky when strangers are involved. However, this limits the system in that participants may find it difficult to access more capital.

However, with Money Fellows, people have a broader pool of participants, each passing through a credit assessment process

According to CEO Ahmed Wadi, ROSCAs are a $700 billion opportunity globally, are quite popular in over 90 emerging and developing markets with several names: Esusu or ajo in Nigeria, Kameti or chit fund in India and Gameya in Egypt.

Wadi first tested Money Fellows in Germany, where he lived. However, he found it difficult to access financial services because he lacked a credit history. He thought that by replicating the Gameya system in Europe, he could provide an alternative financing system for people like him.

“ROSCA’s (Rotating Savings and Credit Association) are very old financial arrangements, with roots going back hundreds, if not thousands of years,” said Omar Laalej, Managing Director at AMV.

“AMV was impressed by the modernised version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt. We are excited to partner with the team as they expand their horizon and capabilities”, he added.

“DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernising traditional savings systems,” said Mohamed Aladdin, General Partner at DPI Venture Capital. “We are excited to partner with such a visionary company on a mission to enable seamless access to financial management tools to consumers in Egypt, and look forward to seeing them expand their impact across the Middle East and Africa.”

“We are proud to support Money Fellows in their efforts to bring digital financial services to more people across Africa,” said Cyril Collon, General Partner at Partech. “Their platform is uniquely positioned to leverage traditional savings practices while incorporating modern technology to drive financial inclusion on a massive scale.”

Patrick Meisberger, Managing Partner at CommerzVentures, added, “The impact that Money Fellows is making in transforming savings practices is exactly the kind of innovation we’re eager to support. By digitising savings circles, they’re not just changing the way people save – they’re changing lives.”

With the new funding, the company is poised to expand its operations into new markets, including North Africa, with a focus on Morocco, a key market for digital financial services. This growth is expected to be bolstered by major upcoming events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which will significantly boost digital finance adoption across the region.