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November 1, 2022 | Transactions, Fundraising

Zelig advises MoneyFellows on $31m Series B

Zelig is pleased to have acted as exclusive financial advisor to MoneyFellows on the company’s $31m Series B led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC) as well as existing investors Partech, Sawari Ventures, 4DX and P1 Ventures also participated in the round. MoneyFellows is a […]

Zelig is pleased to have acted as exclusive financial advisor to MoneyFellows on the company’s $31m Series B led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC) as well as existing investors Partech, Sawari Ventures, 4DX and P1 Ventures also participated in the round.

MoneyFellows is a Cairo-based financial services platform that digitises money circles or rotating savings and credit associations (ROSCAs) that are widely known as “Gaameya” in Egypt and other Arab countries. Users can effectively manage and plan their financial obligations and achieve their financial goals through the MoneyFellows mobile app.

MoneyFellows will use the capital to fuel its rapid growth further and also expand its product offering across both B2C and B2B verticals.

The ROSCA market is largely untapped and ripe for disruption with over two billion people globally using money circles through mostly traditional channels. This capital raise will also allow MoneyFellows to replicate its successful digital ROSCA model in other attractive African and Asian markets.
“We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading FinTechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute. The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market.”
Ahmed Wadi
Founder and CEO, MoneyFellows
“MoneyFellows is already a standout national success story, and we are incredibly excited to partner with the company as they begin the next phase in their growth journey. Ahmed and his stellar team have delivered a transformative solution that will continue to enable millions to achieve their financial goals. Rotating Savings and Credit Associations have been deeply embedded in emerging markets across the world for centuries. It is brilliant to see this new digital ROSCA-driven model emerge from Africa, creating a trusted model of delivering financial solutions and setting a new standard on using localised solutions to solve for global opportunities.” 
Hangwi Muambadzi
Venture Partner, CommerzVentures

About Zelig

Zelig is an independent investment banking firm focused exclusively on FinTech and related technologies. With a core team in London, New York, Sao Paulo and Mumbai, supported by a network of senior advisers around the world, we provide M&A and capital raising advice to entrepreneurs, corporates and investors globally. For more information on Zelig, please reach out to us or visit https://www.zeligfintech.com.
Gerd Weissenboeck
Managing Partner
+44 7771 640 296
gerd@zeligfintech.com

Lorcan O’Shea
Partner
+44 7740 375 670
lorcan@zeligfintech.com

Owen England
Director
+44 7507 838 760
owen@zeligfintech.com