MoneyFellows Raises $13 Million in Pre-Series C Round for African Expansion

MoneyFellows, a Cairo-based fintech, has raised $13 million in a pre-Series C round led by Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing their total funding to over $60 million. The company has revolutionized the traditional rotating savings and credit association (ROSCA) model by digitizing it, allowing greater scalability and access without the need for direct lending from its balance sheet. MoneyFellows operates by matching savers and borrowers using behavioural data and only steps in to finance groups when necessary, keeping its balance sheet exposure low. The platform has grown rapidly, reporting profitability in Egypt and now plans to expand to Morocco and other African nations. Future ambitions include launching new financial products and entering additional markets in Africa and South Asia.