Egyptian fintech company MoneyFellows raises $31M in Series B funding
The funding will help MoneyFellows accelerate its growth across the B2C and B2B segments while expanding its footprint across Africa and Asia.
Egypt-based fintech company MoneyFellows has raised $31 million in a Series B funding round, according to Forbes Middle East. The round saw participation from CommerzVentures, Middle East Venture Partners, National Investment Company, Partech, Sawari Ventures, 4DX, P1Ventures, and Arzan Venture Capital.
The capital raised will be utilised to diversify the company's portfolio of services and grow its product offerings across B2C and B2B segments. MoneyFellow also plans to expand its footprint across Africa and Asia.
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Founded in 2017, MoneyFellow allows users to access affordable credit and save with the help of its digital version of a traditional 'rotating savings and credit association' model, which is commonly known as 'Gameya' in the Arab world.
The Gulf is steadily becoming the Mecca of fintech in the world. According to Statista, the sector's revenue is expected to grow at an average rate of 12% from 2018 to reach a value of $187 billion by 2024.
Edited by Swetha Kannan