Get the latest tech news
MoneyFellows raises $13M to take its group savings model outside Egypt
While most African digital lenders depend on working capital to fuel growth, MoneyFellows has quietly done what few others have: lend billions of Egyptian
Founder and CEO Ahmed Wadi notes that, unlike fintechs burning through cash to scale, the startup has kept operations lean while digitizing one of the world’s oldest financial systems: the rotating savings and credit association (ROSCA). The eight-year-old fintech also plans to introduce investment, payroll, insurance and remittance products down the line, moves that put MoneyFellows in competition with other Egyptian digital banks like Lucky, Khazna, and Telda. After nearly a decade refining its model in one of Africa’s largest fintech markets, partnering with over 350 local and regional entities and facilitating more than $50 million in investments, MoneyFellows plans to launch in Morocco by year-end, having secured key partnerships and regulatory approvals.
Or read this on TechCrunch
