Al Mada Ventures is continuing its focused push into Africa’s tech ecosystem by co-leading a $13 million funding round for Money Fellows, a fast-rising Egyptian fintech. The investment, carried out alongside DPI Venture Capital through the Nclude fund, also drew support from existing backers Partech and CommerzVentures—both active players in emerging market innovation.
Founded in 2017, Money Fellows has carved out a niche by digitizing community-based savings groups—an enduring financial tradition across much of the continent. With over 8.5 million users today, the startup is preparing to scale its operations across North Africa. Morocco is high on its list of expansion targets, particularly as upcoming global events like the 2025 Africa Cup of Nations and the 2030 World Cup are expected to boost demand for digital financial services.
At the heart of Money Fellows is a mobile platform that modernizes rotating savings and credit associations, often referred to as “Roscas.” The app offers a secure, accessible way for users to save, plan investments, or obtain credit—all while preserving the communal, trust-based models that are deeply rooted in African culture.
For founder and CEO Ahmed Wadi, the company’s mission goes well beyond digitization. He sees it as a pathway to financial inclusion, offering affordable and efficient services tailored to communities that have long been excluded from traditional banking systems.
Al Mada Ventures shares that vision. Managing Director Omar Laâlej praised the startup’s ability to transform an age-old collective savings model into a dynamic, scalable solution. He described the partnership as a demonstration of how tech-driven approaches can tackle longstanding economic challenges in innovative ways.
To date, the platform has helped mobilize over $50 million in capital, working with around 350 regional and local partners. The investment marks another step forward in Money Fellows’ ambition to reshape how millions of Africans access and manage their finances.
