MoneyFellows, the Egyptian fintech digitising traditional money circles, has secured $13 million in a pre-Series C round to expand its mobile-based savings and credit platform. The round was led by Al Mada Ventures and DPI’s Nclude Fund, with support from Partech Africa and CommerzVentures.
Known locally as “Gameya”, and globally as Rotating Savings and Credit Associations (ROSCAs), money circles bring together groups of people who each contribute a fixed amount monthly. Each month, one participant receives the pooled funds. For instance, in a 10-person group contributing $100 monthly, one member receives $1,000 each cycle.
MoneyFellows digitises and scales this system by integrating behavioural data, credit scores, and income segmentation, making it easier for users to safely participate with people outside their immediate social circle. This modernised approach has enabled wider access to savings and credit in a country with limited traditional financial infrastructure.
Launched in 2018, MoneyFellows has now reached over 8.5 million users and claims an average payout per user of $900. Notably, the company has achieved profitability, a rare feat in the lending space—especially without relying on working capital.
CEO Ahmed Wadi commented:
“We’ve managed to crack this model and reach profitability. Doing this while lending out billions without relying on working capital at all is quite disruptive in itself.”