Egyptian FinTech platform MoneyFellows, which offers a mobile-based platform to digitise rotating savings and credit associations (ROSCAs), has closed its Series B funding round on $31m.
The investment was led by CommerzVentures, Middle East Venture Partners, and Arzan Venture Capital. Invenfin and National Investment Company also contributed to the round, as did existing investors Partech, Sawari Ventures, 4DX and P1Ventures.
This capital injection will enable the company to accelerate its growth by releasing new services and expanding its current product offerings across the B2C and B2B segments.
The FinTech company is also seeking to bolster its geographical expansion across Africa and Asia.
It stated that these ROSCAs are known as Gameya in Egypt and other Arab countries. MoneyFellows claims to be the first to offer next generation digital RoSCAs globally.
Through the app, users can manage and plan their financial obligations and achieve their financial goals. It also offers a secured and convenient alternative to traditional finance that is more social, culturally favourable, affordable, and incentivising, it said.
MoneyFellows has hundreds of thousands of monthly active users and has achieved an eight-times year-over-year growth.
MoneyFellows founder and CEO Ahmed Wadi said, “We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading FinTech’s in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.
“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market.”
Earlier in the week, Egyptian B2B platform MaxAB raised $40m in its pre-Series B funding round. The company is an e-commerce platform that connects food and grocery retailers to suppliers in Egypt’s most under-served geographies.
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