Founders: Ahmed Wadi
The Middle East’s 50 Most-Funded Startups
Rank: #50
MoneyFellows
Country: Egypt
Funding: $5 million
Investors: 500 startups, Partech Ventures, Sawari Ventures, Dubai Angel Investors
Founded In: 2016
Digitized ROSCA system
MoneyFellows is a digitized Rotating Credit and Savings Association (ROSCA) system, which offers users a mobile and web-based ROSCA that is more convenient, manageable, scalable and secure than the traditional offline model. MoneyFellows aims to build a group lending and saving model among a community of trusted peers around the world. It has raised $5.05 million in total funding, with $4 million secured in 2020 alone.