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Tech

cairobased moneyfellows 31m series: Money Fellows Raises $31 Million in Series B Funding Round

cairobased moneyfellows series 37mkeneokafortechcrunch

cairobased moneyfellows series 37mkeneokafortechcrunch

Egyptian fintech firm Money Fellows has successfully secured $31 million in the first close of its Series B investment round. The funding round, which Money Fellows anticipates topping up in the coming months, saw significant participation from CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital, underlining investor confidence in the startup’s innovative approach.

cairobased moneyfellows 31m series

Other notable investors who joined the funding round include Partech, Sawari Ventures, Invenfin, National Investment Company (NIC), 4DX Ventures, and P1Ventures. This recent injection of capital brings Money Fellows’ total funding to $37 million since its inception.

cairobased moneyfellows 37mkeneokafortechcrunch

Money Fellows has carved a niche in the fintech industry by digitizing the concept of Rotating Savings and Credit Associations (ROSCAs), commonly known as money circles. This traditional practice involves a group of individuals agreeing to contribute a set amount of money regularly, allowing them to collectively save and borrow. ROSCAs are prevalent in over 90 emerging and developing markets, known by various names such as Esusu or ajo in Nigeria, Kameti or chit fund in India, and Gameya in Egypt.

cairobased moneyfellows 31m series
cairobased moneyfellows 31m series

cairobased series 37mkeneokafortechcrunch

Money Fellows CEO Ahmed Wadi recognized the potential of this system, which he estimates to be a $700 billion opportunity globally. His journey began outside Egypt, first in Germany, and later in the UK, where he attempted to introduce a digital ROSCA system. However, the concept didn’t gain significant traction in these markets due to advanced financial systems and a lack of cultural familiarity.

cairobased 31m 37mkeneokafortechcrunch

Ultimately, Wadi returned to Egypt in 2017, where ROSCAs are an integral part of the financial landscape. He launched Money Fellows in 2018, providing a digital platform that enables users to create and join ROSCA groups, complete with a credit assessment process for participants. This approach allows for wider participation and mitigates some of the risks associated with traditional offline ROSCAs.

cairobased moneyfellows 31m 37mkeneokafortechcrunch

The ROSCA cycle involves individuals contributing a set amount regularly, and one member receives the entire pool, with the cycle repeating until everyone has received their payout. Money Fellows classifies its users as borrowers, savers, or planners, depending on their position in the ROSCA cycle and payout schedule.

cairobased money fellows 31m

The platform charges a one-time service fee that decreases over time, while interest is paid to users at the end of the cycle, providing an attractive savings incentive.

cairobased 31m series 37mkeneokafortechcrunch

To manage the risk of defaults, Money Fellows has established provisions and reserve requirements, ensuring that participants continue to receive their payouts even if others miss their commitments. The system’s design also considers varying credit exposure based on a participant’s historical contributions.

cairobased moneyfellows 31m

Beyond facilitating ROSCAs, Money Fellows has ventured into a B2B play by partnering with merchants in Egypt to sell their products through the app, offering customers discounts and generating revenue through product markups and ROSCA fees. The company has plans to expand its financial services to include “buy now, pay later,” pension programs, and credit card offerings.

cairobased money fellows 31m 37mkeneokafortechcrunch

Money Fellows boasts over 4.5 million registered users, with 7% being active monthly users. The average payout per user is approximately $1,100. The company has experienced significant year-over-year growth, with an eightfold increase.

cairobased money 31m 37mkeneokafortechcrunch

With this fresh infusion of capital, Money Fellows aims to accelerate its growth by diversifying its service portfolio, expanding into both B2C and B2B segments, and extending its geographical reach across Africa and Asia. The company sees vast untapped potential in replicating its model in other markets, addressing the global opportunity presented by ROSCAs.

cairobased money fellows 31m series

Hangwi Muambadzi, a venture partner at CommerzVentures, lauded Money Fellows’ innovative approach, noting the company’s ability to harness localized solutions to address global financial challenges. The digital ROSCA-driven model pioneered by Money Fellows represents a fresh perspective on delivering financial solutions, combining tradition with modern technology.

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