Egyptian Fintech Raises $31 Million in Series B Funding Round – Fintech Bitcoin News
Moneyfellows, an Egyptian fintech startup specializing in digitizing money circles, recently announced the close of its Series B funding round that raised $31 million. The funds will be used to finance Moneyfellow’s expansion into other markets as well as to accelerate fintech’s growth.
Diversify Moneyfellows’ portfolio
Egyptian fintech startup Moneyfellows recently disclosed that it had raised $31 million from its Series B funding round which was led by Commerz Ventures, Middle East Venture Partners (MEVP) and Arzan Venture Capital. The startup’s existing investors such as Partech, Sawari Ventures, 4DX Ventures and P1 Ventures also participated in the round.
According to a Disrupt Africa report, Moneyfellows, a mobile platform-based company specializing in digitizing Egypt’s savings and credit unions, plans to use the capital raised to fund the startup’s expansion into new markets. There are plans to use the newly raised capital to accelerate Moneyfellow’s growth and portfolio diversification, the report added.
“Facilitating financial inclusion”
Ahmed Wadi, founder and CEO of Moneyfellows, notes the startup’s latest fundraising:
“We are proud to share with our stakeholders and our users the progress and growth that has made MoneyFellows one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.”
Hangwi Muambadzi, a partner at Commerz Ventures, for his part praised the Moneyfellows team and expressed the organization’s excitement to partner with a startup that is said to be committed to delivering “a transformative solution that will continue to enable millions to reach their financial goals.”
Register your email here to get a weekly update on African news delivered to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
