Wednesday, July 17, 2024 UTC

Recognized by industry leaders for extensive coverage on African Asset Management

News > Private Equity > Deals

CommerzVentures, MEVP, Arzan VC co-invest in Money Fellows

Staff writer
Nov. 2, 2022, 10:15 p.m.

Word count: 544

CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital, have led a $31m Series B investment round in Money Fellows, an Egyptian fintech platform.

Choose ONE Magazine and TWO Articles for FREE when you register an account

CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital, have led a $31m Series B investment round in Money Fellows, an Egyptian fintech platform.

Hangwi Muambadzi, Venture Partner at CommerzVentures, said: “Money Fellows is already a standout national success story, and we are incredibly excited to partner with the company as they begin the next phase in their growth journey. Ahmed and his stellar team have delivered a transformative solution that will continue to enable millions to achieve their financial goals. Rotating Savings and Credit Associations have been deeply embedded in emerging markets across the world for centuries. It is brilliant to see this new digital ROSCA-driven model emerge from Africa, creating a trusted model of delivering financial solutions and setting a new standard on using localised solutions to solve for global opportunities." 

Laith Zraikat, Partner at Arzan Venture Capital, added: “This is the second investment of our new Arzan VC Fund III and our largest ticket to date. Money Fellows embodies the kind of teams, ideas and products that we love to support; strong teams working on big ideas that change lives across the world. The innovation and uniqueness of the technology developed by the team has resulted in a highly scalable and frictionless experience for its users who traditionally opted out of the ROSCA model due to the many barriers and risks involved. We are excited to be working with Ahmed, the team and our co-investors to make this dream a reality and bring Money Fellows to the rest of the world.”

Invenfin, National Investment Company (NIC) as well as existing investors Partech, Sawari Ventures, 4DX, and P1Ventures also participated in the round.

Stuart Gast, Invenfin CEO, said: “Digitizing widely used and culturally familiar money circles will be a key driver for achieving greater financial inclusion, not only in Egypt but in other emerging markets too. Invenfin is proud to partner with the Money Fellows team and co-investors in delivering transformative solutions in these key and fast-growing markets.”

Money Fellows is a mobile-based platform that digitizes money circles or Rotating Savings and Credit Associations (ROSCAs) that are widely known as “Gameya” in Egypt and other Arab countries. 

Money fellows is the first to offer next generation digital ROSCAs globally. 

Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform.

Money Fellows offers a secured and convenient alternative to traditional finance that is more social, culturally favorable, affordable, and incentivizing.

With hundreds of thousands of monthly active users and a solid 8x YoY growth, the company has become one of the favorite financial apps for Egyptians.

The round will allow Money Fellows to accelerate its exponential growth by diversifying its portfolio of services and expanding its 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.

Ahmed Wadi, Founder and CEO of Money fellows, said:“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market.”

Registration Login
Sign in with social account
Lost your Password?
Registration Login
Sign in with social account
Registration Login