Egyptian Money-Pooling Startup ‘Money Fellows’ Raises $31 Million in Funding ...Egypt

Image Credit: Money Fellows Money Fellows, a leading Egyptian fintech platform, has succeeded in raising EGP 696 million (USD 31 million) in a Series B funding round on 30 October 2022. This is an impressive leap from its previous Series A funding round which raised EGP 63 million (USD 4 million) in 2020. Founded in 2016 by its Chief Executive Officer Ahmed Wadi, Money Fellows is a mobile application that digitizes the concept of ‘money circles’, colloquially known as a gam’eya (union) in Egypt – a popular method of saving money in which a number of individuals form a group and deposit a set amount on a monthly basis. In essence, if an individual is looking to save up EGP 100,000 over 10 mo

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