(Ecofin Agency) - Egyptian fintech MoneyFellows, which offers savings and loans to individual services, raises $4 million in a Series A round from venture capital firms Partech and Sawari Ventures. The startup, which boasts more than 150,000 active users, plans to use the money to expand outside Egypt and develop new services.
“Partech’s support from their African fund will help us expand into other countries on the continent, with hands-on global expertise. While Sawari Ventures has been a cornerstone of MoneyFellows’ journey for the past three years; from day one they have been with us, and bring to the table a cachet of knowledge, alongside a vast network of relationships with key corporate and financial institutions, making them our optimal local partner,” said Ahmed Wadi (pictured), Founder and CEO of Money Fellows.
The fintech, which started operations in 2016, says it has raised more than $6 million over the past three years to back its activity. The company mainly gained its notoriety on the Egyptian market through its digital tontine service, which has enabled associations and groups to raise funds and build up savings.