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.
The series B round, its fourth funding round since 2018, 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.
Founded in 2016, Money Fellows is a mobile-based platform that digitises money circles or rotating savings and credit associations.
A rotating savings and credit association is a group of individuals who together act as an informal financial institution, known as “gameya” in Egypt and other Arab countries.
The market is largely untapped and ripe for disruption with 2.4 billion people globally using money circles through traditional channels, according to Money Fellows.
The financial technology industry remained the highest funded sector across emerging venture markets in the first half of 2022, more than tripling to almost $1.68 billion in the first half of 2022 from a year ago.
Payment solutions was the top subsector for investors in 2022, attracting 42 per cent of all investments made in FinTech, with an annual funding growth of 152 per cent.