Egypt’s Money Fellows Raises $13M to Expand Digital Savings Platform
TLDR
- Egyptian fintech platform Money Fellows has secured $13 million in a new financing round, bringing its total funding to over $60 million since launch
- The company digitizes traditional rotating savings and credit associations (ROSCAs), locally known as “Gameya,”
- The funds will be used to enhance the platform’s technology and support regional expansion as the company scales beyond its current 8.5 million users and more than 350 local and regional partnerships
Egyptian fintech platform Money Fellows has secured $13 million in a new financing round, bringing its total funding to over $60 million since launch. The company digitizes traditional rotating savings and credit associations (ROSCAs), locally known as “Gameya,” offering users a mobile-based alternative to informal savings systems.
The latest investment round was co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with support from Partech and CommerzVentures. The funds will be used to enhance the platform’s technology and support regional expansion as the company scales beyond its current 8.5 million users and more than 350 local and regional partnerships.
Money Fellows allows users to save, borrow, and manage financial commitments within trusted social circles, offering an accessible alternative to formal banking, particularly for underserved populations. The platform aims to strengthen financial inclusion by making savings and credit tools more secure, efficient, and culturally familiar.
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Points clés à retenir
Money Fellows taps into a long-standing financial practice rooted in community trust: the rotating savings group. These informal systems, known globally as ROSCAs, have enabled people without access to formal banking to pool resources, share financial obligations, and access credit. By digitizing this model, Money Fellows creates scalable infrastructure for financial inclusion, targeting regions where banking penetration remains low. With 8.5 million users, the startup demonstrates how fintech can modernize existing behaviors rather than replace them, offering users digital transparency, security, and incentives. Investors are betting on this hybrid of tradition and technology. As Africa and the Middle East continue to see growth in mobile connectivity and fintech adoption, platforms like Money Fellows are positioning themselves to redefine how people access and manage money.
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