Egyptian fintech, Money Fellows eyes North Africa with $13M funding boost

Money Fellows, an Egyptian fintech digitising traditional savings circles, has raised $13 million in a new funding round to fuel its expansion into North African markets, with an initial focus on Morocco.

The investment, co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with participation from Partech and CommerzVentures, brings the total capital raised by the company to over $60 million since its 2017 inception. The funds will be used to enhance Money Fellows’ digital platform as its user base exceeds 8.5 million and its partnerships grow beyond 350 local and regional entities.

“Money Fellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge fintech to create a seamless and scalable solution,” stated Ahmed Wadi, Founder and CEO of Money Fellows, in a statement forwarded to Condia.

“This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.”

North Africa is increasingly becoming an attractive market for digital financial services, driven by high mobile phone penetration and a growing tech-savvy population. Major upcoming events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup are also expected to accelerate the adoption of digital finance across the region.

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“DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernising traditional savings systems,” commented Mohamed Aladdin, General Partner at DPI Venture Capital. “We are excited to partner with such a visionary company on a mission to enable seamless access to financial management tools to consumers in Egypt, and look forward to seeing them expand their impact across the Middle East and Africa.”