Money Fellows, a leading Egyptian fintech platform, has succeeded in raising EGP 696 million (USD 31 million) in a Series B funding round on 30 October 2022. This is an impressive leap from its previous Series A funding round which raised EGP 63 million (USD 4 million) in 2020. Founded in 2016 by its Chief Executive Officer Ahmed Wadi, Money Fellows is a mobile application that digitizes the concept of ‘money circles’, colloquially known as a gam’eya (union) in Egypt – a popular method of saving money in which a number of individuals form a group and deposit a set amount on a monthly basis. In essence, if an individual is looking to save up EGP 100,000 over 10 months, the application places them in a group of 10 individuals that deposit EGP 10,000 each on a monthly basis. Each month, a different group member collects the collective EGP 100,000 until the cycle ends or is restarted. “We are proud to share with our stakeholders and our users the progress and growth which led Money Fellows to become one of the market-leading fintech’s in Egypt, facilitating financial inclusion and digital…
Egyptian Money-Pooling Startup ‘Money Fellows’ Raises $31 Million in Funding
October 31, 2022
