Money Fellows, a pioneering Egypt-based fintech startup, has successfully closed a $13 million funding round to enhance its digital savings platform and fuel regional expansion across Africa. This fresh capital injection will empower the company to deepen its services, enter new markets, and scale its impact in reshaping traditional financial practices.
The round was strategically co-led by Al Mada Ventures and DPI Venture Capital through the Nclude Fund. Additional backing came from global investors including Partech, CommerzVentures, and several returning stakeholders, reflecting broad confidence in the company’s business model and future potential.
Transforming ROSCAs with Technology
At the heart of Money Fellows’ mission is the digitization of Rotating Savings and Credit Associations (ROSCAs)—a long-standing community-based financial practice across emerging markets. Founded in 2017 by Ahmed Wadi, the platform brings these informal savings groups online, offering secure, transparent, and regulated digital alternatives.
Users can now participate in savings circles, access timely loans, and contribute to group financing initiatives, all from the convenience of their mobile devices. This innovation bridges the gap between traditional financial behavior and modern fintech capabilities, enabling underserved populations to access and manage finances more efficiently.
Strategic Focus on North Africa
With its latest funding, Money Fellows is setting its sights on broader geographic coverage—particularly a strategic move into North Africa. Morocco has been identified as a key growth target, where similar traditional savings mechanisms exist, but digital infrastructure for financial inclusion remains nascent.
The company also plans to strengthen its product offerings, enhance user experience, and recruit top-tier talent to support its next phase of growth. This expansion aligns with a larger mission to offer inclusive financial tools tailored to local cultures and user behavior.
Investor Endorsement Signals Strong Market Confidence
The new capital round reflects a strong vote of confidence from global investors in Money Fellows’ capacity to disrupt financial services in Africa. CEO and founder Ahmed Wadi emphasized that the company’s model uniquely combines the social trust embedded in traditional savings with scalable digital technology.
Omar Laalej, Managing Director at Al Mada Ventures, highlighted the firm’s belief in Money Fellows as a regional fintech leader. According to Laalej, the company’s blend of innovation and impact positions it to play a transformative role in the future of finance on the continent.
Impressive Growth and User Engagement
Currently, Money Fellows boasts a growing user base exceeding 8.5 million individuals. The platform also maintains partnerships with over 350 local and regional businesses, banks, and institutions. These collaborations ensure accessibility, compliance, and trust as the company scales its offerings.
This strong traction showcases the appetite for reliable, culturally resonant, and digitized savings solutions—particularly in regions where access to formal financial systems remains limited.
The Road Ahead: Building a Fintech Bridge Across Africa
Money Fellows is not just another fintech startup—it represents a new wave of innovation focused on inclusion, accessibility, and sustainable economic empowerment. Its ability to marry cultural relevance with digital convenience allows it to stand out in an increasingly competitive landscape.
As the company advances into new territories, its success will serve as a blueprint for similar initiatives seeking to modernize age-old financial traditions using scalable technology.
Conclusion
Money Fellows’ $13 million funding round marks a significant milestone not only for the company but for Africa’s evolving fintech ecosystem. By digitizing community-based savings and credit models, the platform is creating a more inclusive financial future—one where access, efficiency, and trust are available to all. With strategic backing and a clear growth path, Money Fellows is well-positioned to lead Africa’s digital financial revolution.
