Ahmed Wadi’s Money Fellows raises $13 million to expand beyond Egypt

Key Points

• Money Fellows raised $13 million in a pre-Series C round to expand its group savings platform beyond Egypt, bringing total funding to over $60 million.
• The startup, led by Ahmed Wadi, has scaled lending to billions of Egyptian pounds without relying on debt or balance sheet exposure.
• Money Fellows plans regional expansion to boost financial inclusion, targeting growth opportunities linked to the 2025 Africa Cup of Nations and 2030 FIFA World Cup.

Money Fellows, a Cairo-based fintech startup founded by Egyptian entrepreneur Ahmed Wadi, has raised $13 million in a pre-Series C round as it gears up to expand its group savings platform beyond Egypt, a big step after years of steady local growth.

The $13 million round was led by Casablanca-based Al Mada Ventures and DPI’s Nclude Fund, with additional support from Partech Africa and CommerzVentures. This brings the startup’s total funding to just over $60 million.

Money Fellows expands without debt exposure

This new funding follows a successful Series B round in October 2022, where Money Fellows raised $31 million. This earlier investment allowed the company to diversify its service offerings and expand across both B2C and B2B segments.

Unlike many African digital lenders that rely on working capital to fuel their growth, Money Fellows, under Wadi, has taken a different approach. It has managed to lend billions of Egyptian pounds with almost no debt or balance sheet exposure, a rare achievement in the fintech space.

Wadi explains, “We’ve managed to crack this model and reach profitability. We’re lending billions without relying on working capital at all, which is a significant innovation in itself.”

Money Fellows powers financial inclusion growth

Founded in 2016 by Ahmed Wadi and Adham Badr, Money Fellows offers a mobile-based platform that modernizes the traditional, informal ROSCA system, making it easier for users to save, borrow, and meet their financial needs in a secure and efficient way.

With the new funding, Money Fellows plans to expand into new markets, revolutionizing how people save, borrow, and invest. The goal is to promote financial inclusion, providing millions with access to innovative financial services.

Looking ahead, Money Fellows’ growth will be fueled by major regional events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which are expected to drive greater adoption of digital financial services across Africa.