CAIRO: Egyptian fintech company Money Fellows has raised $31 million in a series B funding round led by CommerzVentures, as it aims for geographical expansion.
The mobile app platform is into digitizing money circles or rotating savings and credit associations, which is widely known among the Egyptian population.
“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market,” Ahmed Wadi, founder and CEO of Money Fellows said in a statement.
Founded in 2016, Money Fellows will use its funding to expand its product offerings into other verticals across B2C and B2B segments.
It is looking to enter markets in Africa and Asia as 2.4 billion people globally use money circles through traditional channels, according to a press release.
The company managed to acquire hundreds of thousands of monthly active users while maintaining eight times year-on-year growth.
The funding round saw participation from Middle East Venture Partners, Arzan Venture Capital, Invenfin, and National Investment Co. as well as existing investors such as Partech, Sawari Ventures, 4DX, and P1Ventures.