MoneyFellows, an Egyptian fintech platforms, has 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.
MoneyFellows is a mobile-based platform that digitises money circles or Rotating Savings and Credit Associations (ROSCAs) that are widely known as “Gameya” in Egypt and other Arab countries.
The round will allow MoneyFellows to accelerate its exponential growth by diversifying its portfolio of services and expanding their product offerings across the B2C & B2B segments, as well as its geographical expansion across Africa and Asia. The market is largely untapped and ripe for disruption with 2.4 billion people globally, using money circles through traditional channels.
