Money fellows raises $31mln in Series B first closing

Money fellows raises $31mln in Series B first closing

● H.E Dr. Amr Talaat Egyptian Minister of Communications Information and Technology (MCIT) officially congratulates Money fellows’ team for reaching this significant milestone, reflecting the continuous support of the Ministry towards the fostering of the Technology and Entrepreneurship ecosystem in Egypt

● This investment will support Money Fellows’ to become the #1 financial platform in Middle East & Africa by 2025

Cairo, Egypt: Money Fellows, one of the leading Egyptian fintech platforms, announces the first close of its Series B round with a $31 million investment led by CommerzVentures, Middle East Venture Partners (“MEVP”), and Arzan Venture Capital. Invenfin, National Investment Company (“NIC”) as well as existing investors such as Partech, Sawari Ventures, 4DX and P1Ventures also participated in the round.

Money Fellows is a mobile-based platform that digitizes money circles or Rotating

Savings and Credit Associations (ROSCAs) that are widely known as “Gameya” in Egypt and other Arab countries. Money fellows is the first to offer next generation digital ROSCAs globally.

Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform. Money Fellows offers a secured and convenient alternative to traditional finance that is more social, culturally favorable, affordable, and incentivizing.

With hundreds of thousands of monthly active