Egyptian Fintech, Money Fellows Raises $13M to Boost Financial Inclusion in Africa

Money Fellows, a leading digital finance company from Egypt, has just raised $13 million in new funding to help more people across Africa access financial services. This big news, headlined “Money Fellows Raises $13M,” marks a big step for the company and for financial inclusion on the continent. Since it started back in 2017, Money Fellows has now raised over $60 million in total.

With this new investment, Money Fellows is set to boost financial inclusion in Africa by making it easier for millions of people to save, borrow, and invest money, all through their phones. The company already serves more than 8.5 million users and works with over 350 local and regional partners. This latest funding round was led by Al Mada Ventures (AMV) and DPI Venture Capital, with help from Partech and CommerzVentures.

Ahmed Wadi, the founder and CEO of Money Fellows, explained that the company is all about bringing together old savings traditions and new technology. For generations, people in Africa and other parts of the world have saved money together in groups, a system called a Rotating Savings and Credit Association (ROSCA). In this system, a group of people each put in money every month, and each month one person gets the full amount. This helps everyone save and borrow money, but it can be risky if you don’t know the other people in the group.

Money Fellows Raises $13M to boost financial inclusion in Africa and also make this system digital, safe, and open to everyone. Their platform lets people join saving circles with strangers who have been checked for creditworthiness, so it’s safer and more flexible. “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. “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.”

Investors are excited about what Money Fellows is doing. Omar Laalej from AMV said, “We were impressed by the modernised version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt.” And Mohamed Aladdin from DPI Venture Capital added, “We believe that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernising traditional savings systems.”

With this new money, Money Fellows plans to expand into new markets, especially in North Africa, with Morocco as a key focus. Big events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup are expected to boost digital finance across the region, and Money Fellows is ready to help even more people join the modern financial world.

Money Fellows raises $13M to boost financial inclusion in Africa by making saving and borrowing easier, safer, and more accessible for everyone. This is a big win for people who have been left out of the traditional banking system, and a great example of how technology can improve lives across the continent.

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