The fintech firm raises fresh funding to enhance its mobile-based platform for rotating savings and credit associations (ROSCAs).
Highlights:
- Funding Boost: MoneyFellows raised $13 million in a pre-Series C round led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures.
- Expanding Digital ROSCAs: The platform digitizes traditional money circles, broadening access beyond close friends and family by using behavioral data and credit scores.
- Profitability & Growth: With over 8.5 million users and an average payout of $900 per user, MoneyFellows has reached profitability while lending billions without relying on working capital.
Summary:
Egyptian fintech MoneyFellows has secured $13 million in funding to further develop its digital money circles platform. Popular in Egypt and other Arab countries under the name “Gameya,” these rotating savings and credit associations (ROSCAs) allow groups to pool funds and distribute payouts periodically.
MoneyFellows digitizes this process, leveraging behavioral data and credit scores to connect savers and borrowers beyond traditional networks. With over 8.5 million users and a profitable business model, the company aims to scale its operations and enhance financial inclusion.
