Moneyfellows, a fintech based in Cairo, raised $ 13 million in a round C before the series led by AI Mada Ventures and the DPI NCLUDE Fund, with the participation of Africa by Partéch and Commerzventures, bringing its total funding to more than $ 60 million.
The startup plans to extend the digitized Rosca model across Africa. The rotation of savings and Credit Association (ROSCA) is an informal financial arrangement where a group of people agrees to contribute a fixed sum of money to a common fund at regular intervals.
Unlike most African digital lenders who depend on the working capital, Moneyfellows has lent billions of Egyptian pounds with a minimum of debt or exposure to the balance sheet by digitizing the traditional Rosca model.
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As the first and larger application of monetary circles in the world, the fintech has digitized the traditional Rosca model, which makes it smarter, safer and more accessible for more than 7 million users since 2018. With the recent funds raised, Moneyfellows revealed that plans to move from regular growth to regional expansion.
The founder and CEO, Ahmed Wadi, noted that, unlike the fintechs that burn money on a scale, the startup has kept lean operations while digitizing one of the oldest financial systems in the world. “We managed to break this model and reach profitability. He said.
Moneyfellows, launched in 2016, digitizes this model by opening access to a wider pool of users across the country. Thanks to its application, anyone can train or join ROSCA groups or “circles”. Rather than acting as a lender, Moneyfellows corresponds to savers (generally last) and borrowers (generally first online) using behavioral data, credit scores and income levels. Since the launch, the platform has increased to more than 8.5 million users, compared to 4.5 million at its last important step. Average payment per user has almost doubled in the past two and a half years, from 23,000 EGP ($ 453) to 45,000 EGP ($ 906), with high adoption among high income segments.
Supported by 45 million dollars + in funding and preparing for $ 100 million C, we extend quickly – expanding beyond Egypt and launching financial products that change the situation. Regulated by the Central Bank of Egypt, we mix community finances with advanced technologies to give users transparent, secure and reliable financial solutions. And now we have pushed a little further with the launch of the Money Fellows card, which even more blocks financial and flexibility for our users.
With 8.5 million users (compared to 4.5 million to its last funding) and average payments almost doubled at 45,000 EGP ($ 906), Moneyfellows reached profitability in Egypt. Its viral growth stems from the digitization of offline Roscas, users often bringing whole groups to the platform. A new card product allows payments, reimbursements and expenses, while investment, payroll, insurance and discount products are planned, positioning it against Egyptian digital banks like Lucky, Khazna and Telda.
The new capital will feed the regional expansion, starting with Morocco by the end of the year, taking advantage of its non -banished population, its informal savings culture (“Daret”) and its regulations adapted to digital. Partnerships and approvals are guaranteed, the FIFA World Cup in Morocco, the FIFA World Cup in Morocco, should stimulate adoption. Moneyfellows also looks at other African and South Asian markets, although adaptation to various financial cultures will test its model.
Pushed by the power of people joining the digital Rosca, we are determined to revolutionize the Fintech industry by creating the most effective ecosystem for financial services. By operating with a minimum dependence on the assessment and exceptionally low defect rates, we are committed to providing unequaled value to our customers, which allows us to develop in an exponential way.
