Moneyfellows, an Egyptian fintech startup, recently revealed that it had raised $31 million from its Series B fundraising round, which was headed by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Also participating in the round were the startup’s existing investors like Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.

Moneyfellows is a mobile platform-based that specializes in digitizing Egypt’s savings and credit associations and plans to use the capital raised to fund the startup’s expansion into new markets. The startup has also revealed that there are plans to use the recently raised capital to hasten Moneyfellows’ growth, especially in Africa and Asia, and the diversification of its portfolio.

Ahmed Wadi, founder and CEO of Money fellows expressed his merriment saying, “We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.” 

He further stated, “The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market.”

Hangwi Muambadzi, Venture Partner at CommerzVentures, said MoneyFellows was already a standout national success story. 

“We are incredibly excited to partner with the company as they begin the next phase in its growth journey. Ahmed and his stellar team have delivered a transformative solution that will continue to enable millions to achieve their financial goals. Rotating Savings and Credit Associations have been deeply embedded in emerging markets across the world for centuries. It is brilliant to see this new digital ROSCA-driven model emerge from Africa, creating a trusted model of delivering financial solutions and setting a new standard on using localized solutions to solve for global opportunities,” he said.

The startup also raised a US$4 million Series A round back in 2020.