MoneyFellows, an Egyptian financial technology business, has declared the initial closure of its Series B round fundraising, with a US$31 million investment to assist it in expediting development and penetrating new markets.
MoneyFellows is a smartphone application that virtualises cash rounds, also known as Rotating Savings and Credit Associations in Egypt and other Arab nations.
Users can successfully manage and organise their financial responsibilities through the site and accomplish their financial objectives. MoneyFellows provides a safe and accessible alternative to conventional finance that is more sociable, culturally acceptable, inexpensive, and incentivising.
In 2020, the business obtained a US$4 million Series A financing, and the US$31 million Series B round was headed by CommerzVentures, Arzan Venture Capital, and Middle East Venture Partners. The round was attended by Invenfin, National Investment Company, and previous investors like Partech, Sawari Ventures, and P1 Ventures.
MoneyFellow, which was established in 2017, permits consumers to acquire affordable loans and save through its digital edition of the conventional 'cycling savings and credit association' concept, known as 'Gameya' in the Arab world.
According to a news statement, it is trying to access regions in Africa and Asia, where 2.4 billion individuals utilise conventional money networks.