The funding will enable the company to scale its operations, with a particular focus on entering new markets and modernising traditional savings practices.

The funding round was co-led by Al Mada Ventures, based in Casablanca, and DPI’s Nclude Fund.
It also attracted backing from Partech Africa and CommerzVentures. This latest injection brings the company’s total raised capital to over $60 million.

Launched in 2016 by Ahmed Wadi, MoneyFellows offers a digital version of the popular Egyptian savings practice known as “gameya” — a form of Rotating Savings and Credit Association (ROSCA).
Through its mobile platform, users can either join existing savings circles or form their own, gaining a secure and efficient alternative to informal cash-based systems.

Using behavioural analytics and credit scoring, the platform smartly connects users looking to save with those seeking credit, all without relying on banks. 
This innovation has helped the platform become a trusted financial tool, especially among users with limited access to traditional banking services.

In Egypt alone, MoneyFellows has built a community of over 8.5 million users and has reached profitability.
Over the past 30 months, the typical payout per participant has jumped from 23,000 EGP (around $453) to 45,000 EGP ($906), reflecting the platform’s growing appeal, particularly among higher-income earners.

The fresh capital will be used to fuel the startup’s upcoming launch in Morocco, a country with a significant population that still relies on informal saving practices.
With regulatory approvals and local partnerships already in place, MoneyFellows is well-positioned to enter this new market by the end of the year.

CEO Ahmed Wadi said the company’s impact goes beyond just digitising savings.
“We’re committed to making finance accessible and meaningful, especially for those in underserved communities,” he explained.
“This investment shows the confidence our partners have in our ability to scale a user-friendly and transformative solution across new regions.”

MoneyFellows plans to expand into additional African and South Asian countries with similar financial landscapes.
The company also aims to diversify its offerings by introducing new services like investments, payroll processing, insurance, and cross-border money transfers, reinforcing its goal to become an all-in-one digital banking platform.