News Summary

MoneyFellows, a Cairo-based fintech startup, has raised $13 million in a pre-Series C round to expand its group savings model beyond Egypt. The funding round was led by Casablanca-based Al Mada Ventures and DPI’s Nclude Fund, with participation from Partech Africa and CommerzVentures, bringing the company’s total funding to over $60 million. Founded by Ahmed Wadi, MoneyFellows digitizes the traditional rotating savings and credit association (ROSCA) model, enabling users to form or join savings groups through its app. The company operates profitably in Egypt, with over 8.5 million users, and plans to launch in Morocco by the end of the year, leveraging key partnerships and regulatory approvals. MoneyFellows is also exploring opportunities in other African and South Asian markets.