Money Fellows Secures $13M to Scale Digital Savings and Drive Financial Inclusion in Africa

Egyptian fintech startup Money Fellows has secured $13 million in fresh funding to accelerate its mission of making modern financial services accessible to underserved communities across Africa. The round—co-led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund—also drew backing from major investors including Partech Africa and CommerzVentures. This brings the company’s total funding to over $60 million since inception.

Founded in 2017 by Ahmed Wadi, Money Fellows is disrupting Africa’s fintech landscape by digitizing a traditional savings method known globally as Rotating Savings and Credit Associations (ROSCAs). In Nigeria, this is known as ajo or esusu, and in Egypt as Gameya. The platform blends community-based savings with cutting-edge technology, allowing users to securely save, borrow, and invest money in a digitally transparent and credit-assessed environment.

“This investment is a testament to the potential we have to empower individuals—especially in underserved regions—to save, invest, and access credit in a cost-effective and impactful way,” said Wadi.

With a user base of over 8.5 million people and partnerships with more than 350 financial and retail organizations, Money Fellows plans to channel the new capital into expanding its digital infrastructure and pushing into new African markets. This includes a strategic focus on North Africa, particularly Morocco, where digital finance adoption is on the rise ahead of major global events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.

Reinventing Traditional Systems

ROSCAs have existed for centuries, especially in emerging economies. Traditionally informal and reliant on trust, these systems have historically limited access to larger financial tools. Money Fellows’ innovation lies in expanding access by digitizing these communities, using credit scoring and secure technology to build trust among participants—whether they’re close-knit friends or verified strangers.

“Money Fellows is a critical player in Africa’s financial ecosystem,” said Omar Laalej, Managing Director at AMV. “They’ve modernized an age-old system and positively impacted thousands of families in Egypt.”

A $700 Billion Global Opportunity

According to Wadi, ROSCAs represent a $700 billion global opportunity. Money Fellows’ approach not only meets Africa’s growing demand for accessible financial services but also modernizes cultural financial practices in a way that’s scalable and regulatory-friendly.

Investors see the company as a flagship for Africa’s fintech future.

“We believe the future of financial services in Africa lies in innovation,” said Mohamed Aladdin, General Partner at DPI. “Money Fellows is modernizing savings systems and delivering impact across the continent.”