Egyptian fintech startup MoneyFellows has raised US $four million in a Sequence-A funding spherical from enterprise capital (VC) corporations Partech and Sawari Ventures.
The most recent spherical follows a US $1 million spherical that the startup raised from 500 Startups, Dubai Angel Traders and Phoenician Funds together with different undisclosed particular person buyers participated within the spherical.
MoneyFellows helps customers handle cash circles by digitizing the casual conventional rotating financial savings and credit score affiliation model.
The platform’s options embody wage automated deductions, mounted payout dates in addition to a wise scoring system
The startup claims it has over 150,000 lively customers which are verified by a person evaluation algorithm.
It mentioned the funding will likely be used to develop the corporate’s operations additional throughout Egypt in addition to into the continent. The corporate additionally plans to launch a slew of latest merchandise within the coming months.
Wadi mentioned Partech’s assist from the investor’s African fund will assist the startup to develop into different nations within the continent with “hands-on global expertise”.
Sawari Ventures managing associate Hany Al Sonbaty mentioned in the identical assertion that in enabling individuals to avoid wasting past their instant circles, the startup helps bigger numbers of individuals as they grow to be extra financially conscious.