Money Fellows raises USD 13 mnl for financial inclusion in Africa

This new investment, which aims to improve the company’s digital platform, brings the total amount invested in the firm to over USD 60 million. This happens as its customer base grows to over 8.5 million users, and its partnership network contains over 350 local and regional collaborations.

AMV supports the modernised business that Money Fellows built, which positively impacts many families in Egypt. The company partnered up with the fintech as they expand their reach and operations.

DPI Venture Capital believes that the future of Africa’s financial services lies in new developments, and Money Fellows' goal to modernise traditional savings systems will enable wider access to financial management tools for consumers in the region.

Improving financial inclusion in Egypt

The funding aims to support the company with its expansion into new markets and drive developments in traditional methods of investing, borrowing, and saving money by digitalising these solutions and making sure they are received by customers securely. The goal is to advance financial inclusion and enable individuals to access better and more efficient financial services.

Money Fellows is a prominent player in the African financial landscape, unifying financial technology with community-based savings to offer a simple and scalable solution. The investment reflects its commitment to supporting individuals, particularly those in underserved communities, helping them save, invest, and access credit in a cost-effective and sustainable way.

With this new funding, the company aims to expand its operations into new markets, such as North Africa, focusing on Morocco, an emerging market for digital financial services.

In January 2025, the fintech, alongside Mastercard and Banque Misr, launched the Money Fellows prepaid card in Egypt. This move aimed to optimise financial accessibility by offering users a way to manage their finances through savings, credit access, and planning features. The initiative became the companies’ shared mission to address the country’s financial inclusion challenges. As 71.5% of Egypt’s population is formally included in the financial system, the aim was to increase that percentage.