With USD 13 M Raise, MoneyFellows Eyes Expansion After Cracking Egypt’s ROSCA Market

Egyptian fintech MoneyFellows has raised USD 13 M in a pre-Series C funding round, marking a key step toward expanding its digital savings platform across North Africa and beyond. The round was co-led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing the company’s total funding to over USD 60 M.

Founded in 2016 by Ahmed Wadi, MoneyFellows has reimagined the centuries-old rotating savings and credit association (ROSCA) model by digitising group savings, known locally as “gam’eya.” The app enables users to join or form savings circles, matching savers and borrowers through behavioural data and credit scoring.

This approach has allowed the company to lend billions of Egyptian pounds with minimal reliance on its balance sheet, keeping default risk largely distributed among users and avoiding the heavy debt exposure typical of digital lenders and BNPL players.

MoneyFellows currently serves over 8.5 million users, more than doubling its base from two years ago, and has seen average payouts per user rise to around USD 900. The company recently launched a card product to streamline payouts and repayments, with plans to add investments, payroll, insurance, and remittance services as it edges toward a neobank model.

The new funding will support the company’s first regional expansion, with Morocco as its next target, and help secure working capital partnerships with banks to accelerate growth. According to CEO Wadi, the company’s profitability in Egypt gives it a strong foundation to scale into other emerging markets with similar informal finance cultures.

Investors are betting on MoneyFellows’ disciplined, capital-light model and its potential to reshape financial inclusion across Africa and South Asia.