Egyptian fintech pioneer MoneyFellows has raised $13 million in a pre-Series C funding round aimed at accelerating its regional expansion and further modernising the traditional savings model. The round was co-led by Al Mada Ventures (Morocco) and DPI’s Nclude Fund, with continued support from Partech Africa and CommerzVentures, pushing the company’s total capital raised to over $60 million.
Founded in 2016 by Ahmed Wadi, MoneyFellows digitises the Rotating Savings and Credit Association (ROSCA) system — known locally in Egypt as “gameya” — enabling users to participate in digital savings groups via its secure, data-driven platform.
Using behavioural analytics and credit scoring, the platform efficiently matches savers and borrowers within these groups, creating an accessible, transparent alternative to Egypt’s longstanding informal savings networks. This innovation has gained significant traction, with the platform growing to over 8.5 million users and reaching profitability in its home market.
MoneyFellows reports a near doubling in the average user payout over the last two and a half years — from 23,000 EGP ($453) to 45,000 EGP ($906) — a sign of increasing adoption among Egypt’s middle- and upper-income segments.
With fresh capital in hand, the company is preparing to launch in Morocco by the end of 2025, tapping into the country’s strong informal financial culture and substantial unbanked population. It has already secured regulatory clearance and local partnerships to ease market entry.
Looking ahead, MoneyFellows aims to expand across other African and South Asian markets, targeting regions with similar socio-economic dynamics. “MoneyFellows is a critical player in Africa’s financial ecosystem,” said CEO Ahmed Wadi, “combining the power of community-based savings with cutting-edge fintech to deliver scalable and impactful solutions.”
In line with its broader ambition to evolve into a comprehensive digital banking platform, the company is also exploring verticals such as investment, payroll, insurance, and remittances. Earlier this year, it introduced a prepaid card in collaboration with Mastercard and Banque Misr, enabling users to receive payouts, make instalments, and transact across Egypt’s merchant networks.