Egyptian fintech, Money Fellows has raised $13 million in a strategic pre-Series C round to enhance the company’s digital platform, and expand into new markets particularly North Africa, with a focus on Morocco.
According to a statement, the round was co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund, with participation from Partech, CommerzVentures, and other investors.
The new funding pegs the total amount invested in the company at over $60 million since its inception in 2017.
“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. 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,” said Ahmed Wadi, founder and CEO of Money Fellows.
For DPI Ventures, the investment is about securing the future of financial services and assisting the fintech expand in the Middle East and Africa.
Mohamed Aladdin, general partner, DPI Venture Capital, said: “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.”
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