Moneyfellows, a Cairo-based fintech raised $ 13 million in a pre-series C round led by AI Mada Ventures and Nclude Fund of DPI, with participation from Partch Africa and Commerzventures, which brings its total funds to more than $ 60 million.
The start plan to measure the digitized Ross model of Rings throughout Africa. Rotating Savings and Credit Association (ROSCA) is an informal financial organizing in which a group of individuals agrees to contribute a fixed amount of money to a standard fund at regular intervals.
Unlike most digital digital lenders who rely on working capital, Moneyfellows have Egypt's billion -billions of pounds with minimal debt or exposure to balance sheet by licking the traditional Ross model.
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As the first and biggest money circles app in the world, Fintech has been able to -the traditional Ross's traditional model, making it smarter, safer, and easier to access for over 7 million users since 2018. In recent funds raised, Moneyfellows revealed plans to move from steady growth to regional expansion.
Founder and CEO Ahmed Wadi has already mentioned, unlike fintech burning through the cash to scale, the start maintaining operations to lean while mother -dogitizing one of the world's oldest financial systems. “We've been able to cack this model and reach the profitability. Doing it while lending a billion -billions without relying on capital working at all is a bit distracting to itself”, he said.
Moneyfellows, launched in 2016, have tasted this model by opening access to a broader pool of users across the country. With its app, anyone can build or join Rossa groups or “circles.” Instead of acting as a lender, moneyfellows correspond to savers (usually take on line) and borrowers (usually first line) using behavior data, credit marks, and income tiers. Since launch, the platform has grown more than 8.5 million users, from 4.5 million in the final milestone to funding. The average payout per user has almost doubled the past two and a half years, from 23,000 EGP ($ 453) to 45,000 EGP ($ 906), with strong adoption in higher income segments.
Backed by $ 45m+ funding and gearing up for the $ 100m series C, we quickly scale-expand beyond Egypt and launching game-changing products. Controlled by the Central Bank of Egypt, we mix financially driven by the community with a cut-edge tech to empower users without seamless, secure, and trusted financial solutions. And now, we took it a step further with the launch of the money card card -not -hocking more financial freedom and flexibility for our users.
Of the 8.5 million users (from 4.5 million in its final fund) and average payouts that almost doubled 45,000 EGP ($ 906), moneyfellows achieved Egypt's profitability. Its viral growing comes from the rating of offline Roscas, with users often bringing the entire group to the platform. A new card product provides payouts, payments, and spending, while investing, payroll, insurance, and remittance products are planned, positioning against Egypt's digital banks such as Lucky, Khazna, and Telda.
Fresh capital will fuel regional expansion, starting in Morocco by the end of the year, the abduction of the population of non-generated, informal savings culture (“daret”), and digital-friendly regulations. Partnerships and approval are safe, along with Morocco's 2030 FIFA World Cup which is expected to boost adoption. Moneyfellows are also looking at other markets in Africa and South Asia, even though adapting different financial cultures will test its model.
The power of people joined the Digital Rossa, we are determined to change the FinTech industry by developing the most efficient ecosystem for financial services. By running with minimal sheet dependency on balance and extraordinary low default rates, we focus on delivering incompatible value to our customers, so we are allowed to scale significantly.
