{"id":553634,"date":"2022-10-31T03:45:36","date_gmt":"2022-10-31T03:45:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/"},"modified":"2022-10-31T03:45:36","modified_gmt":"2022-10-31T03:45:36","slug":"moneyfellows-raises-usd-31-mn-in-series-b-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/","title":{"rendered":"MoneyFellows raises USD 31 mn in series B funding"},"content":{"rendered":"

<\/a> MoneyFellows closes bumper series B round<\/strong>: Egyptian fintech startup MoneyFellows<\/a> has raised USD 31 mn in a series B funding round, it said in a statement<\/a>(pdf)<\/a> yesterday.<\/p>\n

Who invested:<\/strong> The round was led by CommerzVentures<\/a>, Middle East Venture Partners<\/a> (MEVP), and Arzan Venture Capital<\/a>. Invenfin<\/a>, National Investment Company<\/a> (NIC) and existing investors, including Sawari Ventures<\/a>, Partech<\/a>, 4DX Ventures<\/a> and P1Ventures<\/a> also participated in the round.<\/p>\n

This is the fourth-biggest funding round in Egypt this year and third-largest fintech raise<\/strong>, according to our in house tracker.<\/p>\n

What does MoneyFellows do, exactly?<\/strong> MoneyFellows creates digital \u201cmoney circles\u201d \u2014 known in the region as a gameya \u2014 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. The company says it has hundreds of thousands of monthly users and has seen 8x y-o-y growth.<\/p>\n

MoneyFellows has now raised a total of <\/strong>USD 36.6 mn<\/strong> from investors<\/strong>, having secured USD 5.6 mn in series A and seed funding prior to the latest round.<\/p>\n

Where the funds are going:<\/strong> MoneyFellows will use the money to \u201caccelerate its exponential growth by diversifying its portfolio of services and expanding their product offerings across the B2C and B2B segments, as well as its geographical expansion across Africa and Asia,\u201d it said in the statement. Currently operating only in Egypt, MoneyFellows is looking to expand to Saudi Arabia and Pakistan, the company told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

MoneyFellows closes bumper series B round: Egyptian fintech startup MoneyFellows has raised USD 31 mn in a series B funding round, it said in a statement(pdf) yesterday. Who invested: The round was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC) and existing investors, including Sawari Ventures, […]<\/p>\n","protected":false},"author":1,"featured_media":553635,"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":[7258],"tags":[72,183,340,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-moneyfellows","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"ca76fe29-291d-414d-8005-d457e18533be","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/381.jpg","photo_position":"above","related_issue":[553630],"teaser":"","voice_url":""},"yoast_head":"\nMoneyFellows raises USD 31 mn in series B funding - 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\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MoneyFellows raises USD 31 mn in series B funding\" \/>\n<meta property=\"og:description\" content=\"MoneyFellows closes bumper series B round: Egyptian fintech startup MoneyFellows has raised USD 31 mn in a series B funding round, it said in a statement(pdf) yesterday. Who invested: The round was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. 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MoneyFellows plans to use the funds to finance its expansion in Africa, as well as the roll-out of a \u201cslew of new products in\u2026","rel":"","context":"In "Speed Round"","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":[]},{"id":595726,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/fintech-startup-moneyfellows-raises-over-usd-1-mn-in-pre-series-a-funding\/","url_meta":{"origin":553634,"position":1},"title":"Fintech startup MoneyFellows raises over USD 1 mn in pre-series A funding","author":"enterpriseam admin","date":"5 August 2019","format":false,"excerpt":"STARTUP WATCH- Fintech startup MoneyFellows has raised over USD 1 mn in pre-series A funding from 500 Startups and Dubai Angel Investors \u2014 both of which invested in its seed round last year, the startup told Menabytes. Lebanon\u2019s Phoenician Fund and several individual investors also participated in the funding round.\u2026","rel":"","context":"In "Speed Round"","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":[]},{"id":601700,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/moneyfellows-announces-egp-50-mn-series-a-investment-round\/","url_meta":{"origin":553634,"position":2},"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 "Speed Round"","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":[]},{"id":634268,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/10\/moneyfellows-raises-usd-600k\/","url_meta":{"origin":553634,"position":3},"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 "Banking + Finance"","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":632531,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/13\/egypts-moneyfellows-hopes-to-launch-product-based-circles\/","url_meta":{"origin":553634,"position":4},"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 "EGYPT IN THE NEWS"","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":553634,"position":5},"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 "Startup watch"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553634","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=553634"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553634\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553635"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553634"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553634"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}