MoneyFellows Raises $13M to Expand Savings Circles Beyond Egypt
MoneyFellows digitises ROSCAs to scale without lending from its own balance sheet—and it's now eyeing markets beyond Egypt
Cairo-based fintech startup MoneyFellows has secured $13 million in a pre-Series C funding round co-led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures. This investment brings the company's total funding to over $60 million.
Founded in 2016 by Ahmed Wadi, MoneyFellows digitises the traditional rotating savings and credit association (ROSCA) model, known locally as “gameya.” The platform enables users to join or form digital savings groups, matching savers and borrowers through behavioural data and credit scoring.
Unlike traditional lenders, MoneyFellows operates a balance sheet-light model, only stepping in to fund slots when user groups are incomplete—a scenario that now occurs in fewer than 10% of cases.
The company has grown to over 8.5 million users and achieved profitability in Egypt. The average payout per user has nearly doubled in the past two and a half years, from LE 23,000 to LE 45,000.
With the new funding, MoneyFellows plans to expand into Morocco by the end of 2025, targeting markets with similar informal savings cultures and large unbanked populations. Further expansion into other African and South Asian markets is also under consideration.
The company is also exploring the addition of services such as investment, payroll, insurance, and remittances, aiming to evolve into a comprehensive personal finance platform.
