Egyptian fintech, MoneyFellows secures $4M Series A

Egyptian fintech, MoneyFellows secures $4M Series A

Egyptian fintech, MoneyFellows has secured $4 million in a Series A round from global VC Partech and Egypt’s Sawari Ventures.

MoneyFellows platform helps users manage money circles by digitizing the informal traditional rotating savings and credit association model.

Some features of the platform include salary automated deductions, fixed payout dates, and smart scoring system.

The company will use the investment to expand its operations across Egypt and to the continent as a whole. 

Founder and CEO of MoneyFellows, Ahmed Wadi, said, “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. 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,” Wadi further stated. 

General Partner at Partech, Cyril Collon said, “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. 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.”

Managing Partner at Sawari Ventures, Hany Al Sonbaty  said, “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.”

“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,” Hany added.

According to the company, the platform has over 150,000 active users that are verified by a user assessment algorithm. 

Also the platform partners different corporates in Egypt to allow their employees to participate in the money circles for saving money. 

MoneyFellows was founded in 2016 in Cairo.

Author

Tosin Agboola

Reporter with Ouut Africa.

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