Local fintech startup Money Fellows raised USD 13 mn in a new funding round, bringing the company’s total funding to USD 60 mn, the company said in a statement (pdf). The investment was secured in a pre-series C round, according to TechCrunch. The round follows the company’s USD 31 mn series B funding round closed in 2022.

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The backers: The round was led by Al Mada Ventures and VC fund Nclude. It also drew investments from existing investors Partech and CommerzVentures.

Money Fellows will use the funds to support its expansion into new markets, including Morocco — where the company plans to launch by year-end, according TechCrunch. The company is also exploring comparable markets in Africa and South Asia.

Scaling up the platform is on the agenda: Money Fellows plans to upgrade its digital platform to support its growing user base of over 8.5 mn users. This includes rolling out investment, payroll, ins., and remittance products at a later stage, according to the news outlet.

REMEMBER- Money Fellows earlier this year launched a new prepaid card for collaborative lending associations or “money circles” in collaboration with Banque Misr and Mastercard.

What does MoneyFellows do exactly? MoneyFellows creates digital rotating savings and credit associations (ROSCAs) — known in the region as a gameya — using a scoring model, as a way to offer peer-to-peer, no-interest lending. The members of each circle commit to paying an installment into a pool every month, with a different member taking the whole pool as a payout each month.

More funds are coming in 2026, according to TechCrunch, which reports that a “much larger series C round” is slated for next year.

FORAS SNAGS 10% STAKE IN UAE-BASED CANATER-

AI-focused investment firm Foras acquired a 10% stake in UAE-based logistics and supply chain startup Canater in a USD 1 mn transaction, a press release reads. The investment will help Canater solidify its position in the market, broaden its service offerings to more industries, and enhance its digital platform to “offer a more comprehensive and seamless experience for its clients.”

What they said: “Our investment in Canater reflects our confidence in its leadership team and their ambitious vision to empower local companies to compete on an international scale,” Foras CEO Mohamed Aboulanaga said.

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