• Money Fellows raises USD 13M in funding led by AMV and DPI via the Nclude Fund, bringing total investment to $60M.
• The company will use the funding to upgrade its platform and expand into North African markets, especially Morocco.
• Money Fellows digitizes ROSCAs, offering secure tools for saving, borrowing, and investing rooted in traditional African financial practices.

Money Fellows

What is happening? Money Fellows raised USD 13 million in a new financing round. The round was led by Al Mada Ventures (AMV) and DPI Venture Capital via the Nclude Fund, with notable contributions from Partech, and CommerzVentures.

 This brings its total amount invested in the company to over USD 60 million since its establishment.

“DPI believes that the future of financial services in Africa lies in innovation, and Money Fellows is leading the way by modernizing traditional savings systems,” said Mohamed Aladdin, General Partner at DPI Venture Capital.

ROSCA

What will they do with the funding? It aims to enhance and upgrade the company’s digital platform. It also aims to support the company’s expansion into new markets. In addition, it aims to support the shift in traditional methods of saving, borrowing, and investing. This is through digitizing these services and delivering them in a modern, and secure way.

 Furthermore, the goal is to advance financial inclusion and enable millions of individuals to access innovative and efficient financial services. It also aims to 

expand its operations into new markets, including North Africa, with a focus on Morocco.

“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. 

Who are they? Money Fellows is a digital platform that modernizes Rotating Savings and Credit Associations (ROSCAs), a practice rooted in African financial culture. It  allows join savings circles, invest, and access credit in a secure, transparent, and efficient manner.