Egyptian fintech startup Money Fellows has secured $13 million in a pre-Series C funding round led by Al Mada Ventures and DPI’s Nclude Fund. The company digitises traditional savings groups known as ROSCAs (Rotating Savings and Credit Associations) to help people save, borrow, and invest efficiently.
The funding will support its expansion into North Africa, with Morocco as a key target market.
How Money Fellows digitises ROSCAs in Africa
Money Fellows is modernising the time-tested concept of ROSCAs, where a group contributes a fixed amount regularly and takes turns receiving the total. For example, 10 people contribute $100 monthly, and one member receives the full $1,000 each cycle until all have benefited.
This model, familiar in many African households under names like “ajo” or “esusu,” works best in trusted communities but traditionally lacks scale and transparency. Money Fellows addresses these gaps through a digital platform that verifies users, automates payouts, and tracks contributions securely. So far, it has attracted over 8.5 million users and partnered with more than 350 local and regional organisations.
$13 million funding to boost financial inclusion in Morocco
With the new investment, Money Fellows plans to enhance its app and expand into Morocco—a strategic move as the region experiences rapid fintech growth. The company aims to bring ROSCAs into the mainstream by offering tools that combine community-based saving with modern financial access.
The round also brings the company’s total raised to over $60 million since its launch in 2017.
The startup’s lean model, which doesn’t rely on working capital or debt to lend billions of Egyptian pounds, has impressed investors like Partech and CommerzVentures. It’s also profitable, which is rare in Africa’s fintech space.
North Africa’s growing appetite for digital financial services
Money Fellows’ expansion comes at a time when North Africa is poised for a digital finance boom. High smartphone adoption and growing interest in alternative savings models make the region ideal for fintech innovation. Events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup are also expected to accelerate the shift to digital payments.
By blending tradition with technology, Money Fellows sets the stage to reshape how millions across the continent save and access credit safely, socially, and at scale.
