MoneyFellows, a Cairo-based fintech has raised $13 million in a pre-series C round led by AI Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing its total funding to over $60 million.
The startup plans to scale digitized ROSCA model across Africa. Rotating Savings and Credit Association (ROSCA) is an informal financial arrangement where a group of individuals agree to contribute a fixed amount of money to a common fund at regular intervals.
Unlike most African digital lenders reliant on working capital, MoneyFellows has lent billions of Egyptian pounds with minimal debt or balance sheet exposure by digitizing the traditional ROSCA model.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
As the world’s first and largest Money Circles app, the fintech has digitized the traditional ROSCA model, making it smarter, safer, and more accessible for over 7 million users since 2018. With the recent funds raised, MoneyFellows disclosed plans to shift from steady growth to regional expansion.
Founder and CEO Ahmed Wadi noted that, unlike fintechs burning through cash to scale, the startup has kept operations lean while digitizing one of the world’s oldest financial systems. “We have managed to crack this model and reach profitability. Doing this while lending out billions without relying on working capital at all is quite disruptive in itself”, he said.
MoneyFellows, launched in 2016, digitizes this model by opening access to a broader pool of users across the country. Through its app, anyone can form or join ROSCA groups or “circles.” Rather than act as a lender, MoneyFellows matches savers (usually last in line) and borrowers (typically first in line) using behavioral data, credit scores, and income tiers. Since launching, the platform has grown to over 8.5 million users, up from 4.5 million at its last funding milestone. The average payout per user has nearly doubled in the past two and a half years, from 23,000 EGP ($453) to 45,000 EGP ($906), with strong adoption among higher-income segments.
Backed by $45M+ in funding and gearing up for $100M Series C, we’re scaling fast—expanding beyond Egypt and launching game-changing financial products. Regulated by the Central Bank of Egypt, we blend community-driven finance with cutting-edge tech to empower users with seamless, secure, and trusted financial solutions. And now, we’ve taken it a step further with the launch of the Money Fellows Card—unlocking even more financial freedom and flexibility for our users.