1 year ago
Moneyfellows, an Egyptian fintech startup specializing successful digitizing wealth circles, precocious announced the adjacent of its Series B backing circular that raised $31 million. The funds volition beryllium utilized to concern Moneyfellows’ enlargement into different markets arsenic good arsenic accelerate the fintech’s growth.
Diversifying Moneyfellows’ Portfolio
Egyptian fintech startup Moneyfellows precocious revealed it had raised $31 cardinal from its Series B backing circular which was led by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Also participating successful the circular were the startup’s existing investors similar Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.
According to a Disrupt Africa report, Moneyfellows, a mobile platform-based that specializes successful digitizing Egypt’s savings and recognition associations, plans to usage the superior raised to money the startup’s enlargement into caller markets. There are plans to usage the precocious raised superior to hasten Moneyfellows’ maturation and the diversification of its portfolio, the study added.
‘Facilitating Financial Inclusion’
Remarking connected the startup’s latest fundraise, Ahmed Wadi, the laminitis and CEO of Moneyfellows, said:
“We are arrogant to stock with our stakeholders and our users the advancement and maturation which led MoneyFellows to go 1 of the market-leading fintechs successful Egypt, facilitating fiscal inclusion and integer translation successful the country.”
For her part, Hangwi Muambadzi, a spouse astatine Commerz Ventures, commended the Moneyfellows squad and expressed her organization’s excitement astatine partnering with a startup said to beryllium committed to delivering “a transformative solution that volition proceed to alteration millions to execute their fiscal goals.”
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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