DPI venture arm participates in Money Fellows' $13m fundraise
Cairo-based Money Fellows, a fintech platform, has raised $13 million in a new financing round.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Cairo-based Money Fellows, a fintech platform, has raised $13 million in a new financing round. This strategic extension brings the total amount invested in the company to over $60 million since its inception.
This new round of investment is co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with notable contributions from Partech, and CommerzVentures.
The company is digitising traditional methods of saving, borrowing, and investing.
“Money Fellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,” said Ahmed Wadi, founder and CEO of Money Fellows. “This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.”
“ROSCAs (rotating savings and credit associations) are very old financial arrangements, with roots going back hundreds, if not thousands, of years,” said Omar Laalej, managing director at AMV. “AMV was impressed by the modernised version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt. We are excited to partner up with the team as they expand their horizon and capabilities.”
“DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernising traditional savings systems,” said Mohamed Aladdin, general partner at DPI Venture Capital. “We are excited to partner with such a visionary company on a mission to enable seamless access to financial management tools to consumers in Egypt, and look forward to seeing them expand their impact across the Middle East and Africa.”
“We are proud to support Money Fellows in their efforts to bring digital financial services to more people across Africa,” said Cyril Collon, general partner at Partech. “Their platform is uniquely positioned to leverage traditional savings practices while incorporating modern technology to drive financial inclusion on a massive scale.”
Patrick Meisberger, managing partner at CommerzVentures, added, “The impact that Money Fellows is making in transforming savings practices is exactly the kind of innovation we’re eager to support. By digitising savings circles, they’re not just changing the way people save – they’re changing lives.”
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here