Moneyfellows, an Egyptian fintech business, recently disclosed that its Series B fundraising round, which was headed by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital, brought in $31 million. Existing investors in the firm, including Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures, also took part in the round.
Moneyfellows, a mobile platform-based firm that specializes in digitizing Egypt's savings and credit associations, intends to use the money raised to support the startup's expansion into other markets, according to a Disrupt Africa article. The recently collected funds will be used to accelerate Moneyfellows' expansion and portfolio diversification, according to the report.
Financial Inclusion Promotion
Ahmed Wadi, the founder and CEO of Moneyfellows, commented on the startup's most recent round of funding:
“We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.”
According to Hangwi Muambadzi, a partner at Commerz Ventures, the Moneyfellows team is dedicated to providing "a transformative solution that will continue to enable millions to achieve their financial goals." She praised the team and expressed her organization's excitement about working with the startup.
