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MoneyFellows raises $4 million USD in Series A round from Partech and Sawari Ventures

3 years 7 months ago

MoneyFellows, the Egyptian fintech platform has secured $4 million in Series A investment from venture capital firms Partech and Sawari Ventures. This investment will be used to expand the company’s operations nationwide in Egypt as well as further across Africa. Also, the company plans to launch a slew of new products in the coming months.

MoneyFellows is a financial enabler that provides access to financial planning services, such as money circles and direct lending, to ensure users can effectively manage and plan their financial obligations, and achieve their financial goals. The main idea of MoneyFellows is digitizing the concept of money circles or ROSCA (known as gam’eyas in the Arab world, chit funds in India, committee in Pakistan, Tandas in Mexico, and tontine in West and Central Africa).

Through managing money circles, MoneyFellows allows users to sign up for slots in trusted and convenient money circles, ensuring payouts are done on-time and securely deposited. Users can use MoneyFellows to achieve their personal, financial goals, such as paying their children’s school tuition on time or buying certain products and assets. MoneyFellows has raised over $6 million in investment over the past three years.

MoneyFellows is a leading company in supporting the financial inclusion and digital transformation mandate of the Egyptian government and Central Bank of Egypt. It has now more than 150,000 active users that are verified by a user assessment algorithm. 

“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,” founder and CEO of MoneyFellows Ahmed Wadi said. “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.”

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

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

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