Money Fellows, an Egyptian provider of a fintech platform for financial planning services, raised $31M in Series B funding.
The round was led by CommerzVentures, Middle East Venture Partners, Arzan Venture Capital, Invenfin, and National Investment Company with participation from Partech, Sawari Ventures, 4DX, and P1Venture.
The company intends to use the funds to accelerate its growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B segments, as well as its geographical expansion across Africa and Asia.
Led by CEO Ahmed Wadi, Money Fellows is a financial enabler that provides access to financial planning services, such as money circles, to ensure users can effectively manage and plan their financial obligations and achieve their financial goals. Through managing money circles (gam’eya), the company allows users to sign up for slots in money circles, ensuring payouts are done on-time and securely deposited. Users can use Money Fellows to achieve their personal, financial goals, such as paying their children’s school tuition on time or buying certain products and assets.
FinSMEs
31/10/2022