MoneyFellows raises $13M to take its group savings model outside Egypt
- MoneyFellows raised $13 million in a pre-Series C funding round led by Al Mada Ventures and DPI’s Nclude Fund.
- The company has reached profitability while lending billions of Egyptian pounds without relying on working capital.
- MoneyFellows has grown its user base from 4.5 million to over 8.5 million since its launch in 2018.
MoneyFellows' innovative approach to digitizing ROSCAs presents a significant opportunity for financial inclusion in emerging markets. However, the challenge of adapting this model to diverse cultural contexts and ensuring user trust in new regions will be critical for its success. Further discussions could explore the potential risks and strategies for scaling in different environments.
