Cairo-based collaborative group lending and saving FinTech MoneyFellow has just capped over $1-million in a pre-Series-A funding round.
Founded in 2016, by Ahmed Wadi. The startup’s platform helps users manage money circles by digitizing the informal traditional rotating savings and credit association model. The platform’s features include salary automated deductions, fixed payout dates as well as the smart scoring system.
Although the Start-up had aimed for the Sky in this round of funding with high hopes of raising thrice the amount it raised, the brand has not still done bad with the current fund status it has gained.
Since the brand’s launch, the brand has experienced a huge growth with a database of 250 000 registered users, 65 000 of these are monthly active users.
MoneyFellows senior business strategist Mohamed Effat noted that:
We aim to use this money to develop greater awareness about MoneyFellows in the Egyptian market, increasing our steadily growing user base, and reach a greater number of Egyptians with limited access to credit, enabling them to reach their saving and financial needs,
At the moment, the brand hopes to expand into Jordan, the UAE and Saudi Arabia in the Middle East and North Africa (MENA) region.