According to Forbes Middle East, the Egyptian fintech company MoneyFellows has raised $31 million in a Series B funding round. CommerzVentures, Middle East Venture Partners, National Investment Company, Partech, Sawari Ventures, 4DX, P1Ventures, and Arzan Venture Capital participated in the round.
The capital raised will expand the company’s product offerings across B2C and B2B markets and broaden its service portfolio. MoneyFellow also intends to increase its presence in Asia and Africa.
“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 of Money Fellows said in a statement.
MoneyFellow, founded in 2017, uses a digital version of the traditional “rotating savings and credit association” model, also known as “Gameya” in the Arab world, to enable users to get reasonable credit and save money.
The world’s centre for fintech is steadily moving to the Gulf. The sector’s revenue is anticipated to increase by an average rate of 12% from 2018 to reach a value of $187 billion by 2024, according to Statista.