Egyptian FinTech Money Fellows Raises $31M for Expansion

Oct 31,2022
KingData News: Egyptian FinTech company Money Fellows has raised $31 million to diversify its portfolio of services and expand across Africa and Asia, the company said on Sunday. Investors: The series B round was led by Germany's CommerzVentures, Middle East Venture Partners and Kuwait's Arzan Venture Capital. South Africa's Invenfin and Kuwait's National Investments Company, as well as existing investors, such as ParTech, Egypt's Sawari Ventures, Africa-focused 4DX Ventures and P1Ventures also participated in the round. Project Info: Founded in 2016, Money Fellows is a mobile-based platform that digitises money circles or rotating savings and credit associations. It has raised a total of $36.6m. The app has more than four million downloads and more than 250,000 active users.
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