MoneyFellows raises $4m from Partech and Sawari Ventures
Posted on: 22 June, 2020 at 7:39 PM
Egyptian fintech platform MoneyFellows has secured $4 million in series A investment from venture capital firms Partech and Sawari Ventures.
MoneyFellows is a financial enabler that digitises the money circles or 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). This allows users to more effectively manage and fulfil their financial needs.
Currently, MoneyFellows has more than 150,000 active users that are verified by a user assessment algorithm. The investment will be used to expand the company’s operations nationwide in Egypt as well as further across Africa. The company also plans to launch a slew of new products in the coming months.
“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,” founder and CEO of MoneyFellows Ahmed Wadi said. “Partech’s support from their African fund will help us expand into other countries in the continent with hands-on global expertise. 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.”
“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,” general partner at Partech Cyril Collon said. “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 digitising a traditional savings model.”
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