{"id":551657,"date":"2022-07-05T13:53:22","date_gmt":"2022-07-05T13:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/meet-our-founder-of-the-week-moneyfellows-founder-and-ceo-ahmed-wadi\/"},"modified":"2022-07-05T13:53:22","modified_gmt":"2022-07-05T13:53:22","slug":"meet-our-founder-of-the-week-moneyfellows-founder-and-ceo-ahmed-wadi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/meet-our-founder-of-the-week-moneyfellows-founder-and-ceo-ahmed-wadi\/","title":{"rendered":"Meet our founder of the week: MoneyFellows founder and CEO Ahmed Wadi"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>OUR FOUNDER OF THE WEEK <\/strong>- Ahmed Wadi, founder and CEO of MoneyFellows (<a href=\"https:\/\/www.linkedin.com\/in\/ahmadwadi\/\">LinkedIn<\/a>).<\/p>\n<p><strong>My name is Ahmed Wadi, and I\u2019m the CEO and founder of <\/strong><strong><a href=\"https:\/\/moneyfellows.com\/\">MoneyFellows<\/a><\/strong><strong>. <\/strong><\/p>\n<p><strong>The idea of MoneyFellows came to me back in 2016<\/strong>, when I was in Germany and trying to save money and get access to credit. This wasn\u2019t easy as I wasn\u2019t born in Germany and I struggled to find ROSCAs (rotating savings and credit associations). This made me think: Why can't I modernize and digitize this very ancient and traditional money saving model that I\u2019ve always seen back home \u2014 gameya \u2014 and give people all around the world the chance to partake in ROSCAs together.<\/p>\n<p><strong>ROSCAs have always been an alternative solution. <\/strong>More people are relying on gameyat and ROSCAs informally to reach their financial goals and needs versus those who actually do it formally through financial institutions. It\u2019s a huge market, providing a very big opportunity. ROSCAs are more social, more culturally favorable, and more affordable to many.<\/p>\n<p><strong>The model has been there for hundreds of years and it hasn't died yet<\/strong>. It's still just as common years after the formation of the modern financial system. I think this is where the opportunity comes in, especially if we modernize it and ensure this model is done in a more efficient, more scalable, and more secure way.<\/p>\n<p><strong>We care about acquiring customers but we care more about retaining them<\/strong>. We do this through things like tracking their NPS, doing the right surveys and ensuring payout on time.<\/p>\n<p><strong>We want to ask less and grant more <\/strong>while ensuring that we\u2019re also granting people the right limits. Using MoneyFellows is becoming significantly more seamless: the app now sets its new users\u2019 credit limit based on the mobile they own and where they live. The app acquires this information either from questions the user answers or fetching the data directly from the user.<\/p>\n<p><strong>Building credibility takes a lot of time<\/strong> but I think we're doing a very good job. We need the right product, the right technology, and the right communication to ensure we're on track to lead different functions.<\/p>\n<p><strong>Offering a financial product that can handle sensitive user data <\/strong>means being cautious about cybersecurity. So we're ensuring we offer the right security and comply with the regulations, which comes with a lot of KPIs that we need to be cautious of and track contingencies.<\/p>\n<p><strong>MoneyFellows has so far raised a combined USD 11.5 mn <\/strong>and we\u2019re days away from closing a series B round. Our biggest investors are <a href=\"https:\/\/partechpartners.com\/\">Partech<\/a> and <a href=\"https:\/\/sawariventures.com\/\">Sawari Ventures<\/a>. We\u2019ve also received investments from <a href=\"https:\/\/www.4dxventures.com\/\">4DX<\/a>, <a href=\"https:\/\/500.co\/\">500 Startups<\/a>, <a href=\"https:\/\/www.p1.ventures\/\">P1 Ventures<\/a>, <a href=\"https:\/\/www.sangocapital.com\/\">Sango Capital<\/a> and some angel investors.<\/p>\n<p><strong>We\u2019re also about to launch four new products that we will announce very soon <\/strong>and we\u2019re also looking at expanding into different countries, which will be our main focus over the next six months. We\u2019re studying a few different countries in different regions, but mainly we\u2019re looking into Asia, Africa and the GCC.<\/p>\n<p><strong>The local market is attractive, international investors just don\u2019t see it. <\/strong>We need to attract more international investors, educate them and reassure them about Egypt. We\u2019ve been through a lot of talks with international investors, including those that never looked into Egypt or invested in the country. The talks are usually centered around convincing them to invest in Egypt, not just MoneyFellows.<\/p>\n<p><strong>Naturally the founder's journey was lonely. <\/strong>I had to build my own support system, get the right advisors, and choose the right investors and chase.them for their support.<\/p>\n<p><strong>This is actually my third startup. <\/strong>I\u2019ve done things in the proptech space, an online supermarket back in Germany, object tracking software and then MoneyFellows.<\/p>\n<p><strong>90% of what I do is usually revolving around the company<\/strong>, but to be honest, I'm enjoying it. If you really put a lot of effort and work hard towards achieving a certain goal and that goal is achieved, I think that's really what makes it all worth it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OUR FOUNDER OF THE WEEK - Ahmed Wadi, founder and CEO of MoneyFellows (LinkedIn). My name is Ahmed Wadi, and I\u2019m the CEO and founder of MoneyFellows. The idea of MoneyFellows came to me back in 2016, when I was in Germany and trying to save money and get access to credit. This wasn\u2019t easy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":551658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7357],"tags":[2836,633,1530,340,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-founder-of-the-week","tag-ahmed-wadi","tag-enterprisepm","tag-founder-of-the-week","tag-moneyfellows","tag-startups","wpautop","entry"],"acf":{"mongo_id":"8de40425-ca18-4015-8a6f-fc3a3faf905b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/358.jpg","photo_position":"above","related_issue":[551647],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Meet our founder of the week: MoneyFellows founder and CEO Ahmed Wadi - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/meet-our-founder-of-the-week-moneyfellows-founder-and-ceo-ahmed-wadi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet our founder of the week: MoneyFellows founder and CEO Ahmed Wadi\" \/>\n<meta property=\"og:description\" content=\"OUR FOUNDER OF THE WEEK - Ahmed Wadi, founder and CEO of MoneyFellows (LinkedIn). 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Besides being a fintech platform, Moneyfellows also devised a novel credit-scoring method. \u201cWe've learned that things like socially scoring people, referrals, vouching, and payroll connecting can build\u2026","rel":"","context":"In &quot;ON YOUR WAY OUT&quot;","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632531,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/egypts-moneyfellows-hopes-to-launch-product-based-circles\/","url_meta":{"origin":551657,"position":1},"title":"Egypt\u2019s Moneyfellows hopes to launch product-based circles","author":"enterpriseam admin","date":"13 February 2018","format":false,"excerpt":"Egypt-based fintech startup Moneyfellows is working to launch \u201cproduct-based circles, where users would get products they\u2019re looking for, rather than cash\u201d, founder and CEO Ahmed Wadi tells Entrepreneur Middle East. The web and mobile-based crowdfunding platform, which recently raised USD 600k in seed funding from Dubai-based Angel Investors and 500\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560353,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/24\/moneyfellows-has-its-eyes-on-regional-expansion\/","url_meta":{"origin":551657,"position":2},"title":"MoneyFellows has its eyes on regional expansion","author":"enterpriseam admin","date":"24 February 2021","format":false,"excerpt":"Egyptian fintech startup MoneyFellows has plans to expand its services to other MENA countries in the coming period, founder and CEO Ahmed Wadi tells Masrawy. The app currently operates in Egypt\u2019s major cities, and in some parts of the Delta, Wadi said. MoneyFellows had previously said it planned to expand\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582616,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/last-nights-talk-shows-more-privatization-talk-the-svb-fallout\/","url_meta":{"origin":551657,"position":3},"title":"Last Night\u2019s Talk Shows: More privatization talk + the SVB fallout","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"Two topics dominated the airwaves last night: The state\u2019s privatization plans + the local angle of SVB\u2019s collapse. The Madbouly government yesterday said it will start on Wednesday preparing to offer two military-owned companies \u2014 bottled drinks firm Safi and fuel retailer Wataniya \u2014 to strategic investors. The news got\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Kelma-Akhira-13-3-23-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634268,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/10\/moneyfellows-raises-usd-600k\/","url_meta":{"origin":551657,"position":4},"title":"Moneyfellows raises USD 600k","author":"enterpriseam admin","date":"10 January 2018","format":false,"excerpt":"Fintech startup Moneyfellows raised USD 600k from Dubai-based Angel Investors and 500 Startups, according to Forbes Middle East. Moneyfellows, who we reported on last summer, makes its money by charging a small fee upon withdrawal and currently has 2,600 users in roughly 240 \u201cmoney circles.\u201d This latest round of funding\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601700,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/moneyfellows-announces-egp-50-mn-series-a-investment-round\/","url_meta":{"origin":551657,"position":5},"title":"MoneyFellows announces EGP 50 mn series A investment round","author":"enterpriseam admin","date":"7 March 2019","format":false,"excerpt":"INVESTMENT WATCH- MoneyFellows announces series A investment round: Fintech startup MoneyFellows is looking to raise EGP 50 mn in its series A investment round to finance expansion in Egypt and other MENA countries, according to an emailed statement. The company plans to rapidly expand its operations in Egypt this year\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=551657"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551657\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/551658"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551657"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551657"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}