Egyptian fintech platform MoneyFellows secured $4 million in Series A investment from venture capital firms Partech and Sawari Ventures. The investment will fund startup’s expansion into Africa and its new product launches.

MoneyFellows is a financial enabler that digitizes money circles or ROSCA (known as gam’eyas in the Arab world). This allows users to more effectively manage and fulfill their financial needs. Managing Partner at Sawari Ventures Hany Al Sonbaty said that MoneyFellows “is not only promoting a culture of saving but also facilitating a gateway for the further introduction of financial services to larger numbers of people”. The company is a first-mover in supporting the financial inclusion and digital transformation mandate of the Egyptian government and the Central Bank of Egypt. 

Currently, the fintech platform has over 150,000 verified active users. The investment will be used to expand the company’s operations within Egypt as well as in other African countries. The company also plans to launch a slew of new products in the coming months. 

General Partner at Partech Cyril Collon said explains Partech’s interest in MoneyFellows in a statement. “The impact of MoneyFellows on financial inclusion is already massive in Egypt, as the solution offers convenient secured lending and saving schemes to consumers by digitizing a traditional savings model,” he says.

Ahmed Wadi, founder and CEO of MoneyFellows said: “Partech’s support from their African fund will help us expand into other countries in the continent with hands-on global expertise. While Sawari Ventures have been a cornerstone of Moneyfellows’ journey for the past three years”.