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Egyptian Fintech Startup MoneyFellows Raises USD 31 Mn Series B
Egyptian Fintech Startup MoneyFellows Raises USD 31 Mn Series B

Egyptian fintech startup MoneyFellows has announced the first close of its Series B round funding with a USD 31 Mn investment to help it accelerate its growth and move into new markets. The round was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC), and existing investors such as Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures also participated in the round. 

MoneyFellows is a mobile-based platform that digitizes money circles or Rotating Savings and Credit Associations (ROSCAs), widely known as “Gameya” in Egypt and other Arab countries. Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform, with MoneyFellows offering a secured and convenient alternative to traditional finance that is more social, culturally favorable, affordable, and incentivizing.