– EGYPT, Cairo – MoneyFellows, a web and mobile-based platform that enables individuals to access interest-free credit and better saving achievements has raised a $4M Series A investment round from venture capital firms Partech and Sawari Ventures, one year after raising $1M Pre-Series A round.
These fresh funds will be used to expand the operations nationwide in Egypt as well as further across Africa. What’s more, the company intends to launch various new products in the coming months.
“We are proud to have MoneyFellows join Partech’s investment portfolio to support the company to scale and expand. The team is fantastic and the product sophistication is unique, making money circles attractive for millennials and their grandparents,” commented General Partner at Partech Cyril Collon. “The impact of MoneyFellows on financial inclusion is already massive in Egypt, as the solution offers convenient secured lending and saving schemes to consumers by digitizing a traditional savings model.”
MoneyFellows, founded in 2014 by Ahmed Wadi digitizes the ROSCA model (known as gam’eyas in the Arab world, chit funds in India, committee in Pakistan, Tandas in Mexico, and tontine in West and Central Africa), making it more secure, manageable and automated. Users can always find available Money Circles without being limited to their social network or geographic location and with a much larger variety of Payout dates and amounts.
“Being backed by Partech and Sawari Ventures – two top investment firms, helps us reap global, as well as local know-how, best practices and support,” said founder and CEO Ahmed Wadi.
He added: “Partech’s support from their African fund will help us expand into other countries in the continent with hands-on global expertise. While Sawari Ventures have been a cornerstone of Moneyfellows’ journey for the past three years; from day one they have been with us, and bring to the table a cachet of knowledge, alongside a vast network of relationships with key corporates and financial institutions, making them our optimal local partner.”
For more information: https://moneyfellows.com
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