MoneyFellows eyes Asia, Africa expansion following $31mn series B round

MoneyFellows

Egyptian money circles app MoneyFellows has raised USD 31mn for its series B round to support growth—in terms of services and geographic expansion. Regarding the latter, the company plans to expand across Asia and Africa as it views the money circles segment in both regions as largely untapped and ripe for disruption. Service expansion will be in terms of expanding its product offerings across the B2C and B2C segments.

The mobile platform secured funding from CommerzVentures, Middle East Venture Partners, Arzan Venture Capital, Invenfin and National Investment Company. Existing investors Partech, Sawari Ventures, 4DX and P1 Ventures also participated.

About MoneyFellows

The company was founded in 2016 by Adham Badr and Ahmed Wadi to digitise Rotating Savings and Credit Associations known as Gameya in Egypt.