The first close of MoneyFellows‘ Series B round, which included a $31 million investment headed by CommerzVentures, Middle East Venture Partners (“MEVP”), and Arzan Venture Capital, has been announced.
MoneyFellows is one of the top fintech platforms in Egypt. Participating in the round were Invenfin, National Investment Company (“NIC”), and pre-existing investors Partech, Sawari Ventures, 4DX, and P1Ventures.
Money Fellows is a mobile-based platform that digitalizes money circles, also referred to as Rotating Savings and Credit Associations (ROSCAs), which are popularly referred to as “Gameya” in Egypt. It was founded in 2016 by Adham Badr and Ahmed Wadi.
Money Fellows will be able to drive its regional growth across Africa and Asia in addition to expediting its business and broadening its product offerings across the B2C and B2B segments thanks to the investment.
Source: https://techbuild.africa/egyptian-moneyfellows-31m-in-series-b-round/