Money Fellows, a Cairo-based fintech startup digitizing traditional savings circles, has raised $13 million in a strategic funding round, bringing its total investment to over $60 million.
Why it matters
The funding supports Money Fellows’ mission to modernize ROSCA (Rotating Savings and Credit Association) systems and expand financial inclusion across underserved communities in Africa and the Middle East.
The big picture
- The platform has grown to 8.5 million users.
- It partners with over 350 local and regional institutions.
- The company plans to expand into new markets, with a focus on Morocco.
- Growth is expected to benefit from upcoming regional events like AFCON 2025 and the 2030 FIFA World Cup.
Investors
The round was co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund. Other backers include Partech and CommerzVentures.
What they’re saying
- “We’re empowering individuals to save, invest, and access credit cost-effectively,” said founder and CEO Ahmed Wadi.
- “Money Fellows has digitized an ancient financial model, improving lives across Egypt,” said Omar Laalej of AMV.
- “The future of African finance is innovation—and this is it,” said DPI’s Mohamed Aladdin.
What’s next
Money Fellows will use the new capital to enhance its digital infrastructure and scale to new countries, positioning itself as a key player in Africa’s growing fintech space.
