TechFlow News — Egyptian fintech Money Fellows has announced a Series B fundraising round, having secured $31 million to date. The round is led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital, with participation from Partech, Sawari Ventures, Invenfin, National Investment Company (NIC), 4DX Ventures, and P1Ventures. Since its inception, Money Fellows has raised a total of $37 million.
Money Fellows aims to digitize Rotating Savings and Credit Associations (ROSCAs). CEO Ahmed Wadi stated that ROSCAs represent a $70 billion global opportunity and are highly popular across more than 90 emerging and developing markets. The company plans to expand into additional financial services such as "buy now, pay later," pensions, and credit cards, and the four-year-old fintech startup intends to charge transaction fees in these areas. [Original link]
