Egyptian fintech startup MoneyFellows raises USD 4 mn in series A round

STARTUP WATCH- Egyptian fintech startup MoneyFellows has raised USD 4 mn in series A funding from Sawari Ventures and Partech, according to an emailed statement (pdf). MoneyFellows plans to use the funds to finance its expansion in Africa, as well as the roll-out of a “slew of new products in the coming months,” the statement says. The company, which digitizes “money circles” (known in Egypt as gam’eyas) using a scoring model, had raised USD 1 mn in pre-series A funding last August to scale its user base.