Money Fellows Secures $13M To Expand Digital Finance In Africa

Money Fellows, an African fintech platform, has raised $13 million, bringing total funding to over $60 million, to upgrade its digital platform, expand regionally, and boost financial inclusion in underserved African markets.

The round was co-led by Al Mada Ventures (AMV) and DPI Venture Capital through the Nclude Fund, with additional participation from Partech and CommerzVentures. The funding will enable Money Fellows to scale its offerings, which modernize traditional savings, lending, and investing systems—particularly as the platform now serves over 8.5 million users and works with more than 350 local and regional partners.

“This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way,” said Ahmed Wadi, Founder and CEO of Money Fellows.

Founded in 2017, Money Fellows has built its platform around digitized ROSCAs (Rotating Savings and Credit Associations), a time-tested community savings method. By integrating this model with financial technology, the company provides secure, scalable financial tools that improve access to credit and encourage disciplined saving.

Commenting on the investment, Omar Laalej, Managing Director at AMV, said, “AMV was impressed by the modernized version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt. We are excited to partner as they expand their horizon and capabilities.”

DPI’s General Partner, Mohamed Aladdin, emphasized the company’s potential: “Money Fellows is leading the way by modernizing traditional savings systems. We look forward to seeing them expand their impact across the Middle East and Africa.”

With plans to enter new markets including Morocco, Money Fellows is positioning itself for broader regional growth. The company expects this expansion to align with increased digital adoption driven by major upcoming events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.

Investors echoed support for the fintech’s vision. “Their platform is uniquely positioned to leverage traditional savings practices while incorporating modern technology,” said Cyril Collon of Partech. Patrick Meisberger of CommerzVentures added, “By digitizing savings circles, they’re not just changing the way people save – they’re changing lives.”

As digital financial services continue to gain traction across Africa, Money Fellows is poised to play a central role in redefining financial inclusion for millions.