Money Fellows secures $13 million to expand digital saving offerings across Africa
Founded in 2017 by Ahmed Wadi, Money Fellows digitises traditional savings circles (ROSCA) to provide users across Africa with accessible tools for saving, borrowing, and investing.
The funding will be used to enhance the company's digital platform, expand into new markets—particularly North Africa, with a focus on Morocco—and grow the team.
In October 2022, the company finished the first close of its Series B round with a $31 million investment led by CommerzVentures, MEVP, and Arzan Venture Capital, as well as Invenfin and National Investment Company (NIC). Existing investors Partech, Sawari Ventures, 4DX, and P1Ventures also invested in the round.
Press release:
Money Fellows, Africa's leading fintech digital platform, has successfully raised $13 million in this new financing round. This strategic extension brings the total amount invested in the company to over $60 million since its inception. The new investment aims to enhance and upgrade the company's digital platform, especially as its user base expands to over 8.5 million and it continues to collaborate with more than 350 local and regional partners.
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, all of which are dedicated to driving innovation across emerging markets. This investment is set to support the company's expansion into new markets and drive a major shift in traditional methods of saving, borrowing, and investing—by digitising these services and delivering them in a modern, secure way. The goal is to advance financial inclusion and enable millions of individuals to access innovative and efficient financial services.
'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.'
'ROSCA's (Rotating Savings and Credit Association) 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 for 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.'
Founded in 2017 by Ahmed Wadi, Money Fellows has quickly established itself as a leader in the Fintech space. With this new funding, the company is poised to expand its operations into new markets, including North Africa, with a focus on Morocco, a key market for digital financial services. This growth is expected to be bolstered by major upcoming events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which will significantly boost digital finance adoption across the region.
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