Money Fellows is doing what most African fintechs only dream of—growing fast, turning a profit, and doing it without borrowing a kobo.
The Cairo-based startup has just raised $13 million in a pre-Series C round, with heavy backing from Al Mada Ventures and DPI’s Nclude Fund. Others on board include Partech Africa and CommerzVentures.
This brings the company’s total haul to just over $60 million. And that’s not the most surprising part.
What’s commendable is that Money Fellows has lent billions of Egyptian pounds without loading its balance sheet with debt. No need for borrowed funds from banks. No exposure to default-heavy loan books. Just disciplined execution of an old idea—digitised.
“We have managed to crack this model and reach profitability,” said Ahmed Wadi, the company’s founder and CEO. “Doing this while lending out billions without relying on working capital at all is quite disruptive in itself.”
The idea isn’t new. ROSCAs (rotating savings and credit associations) have existed for centuries across Africa, Asia, and Latin America. Groups of people contribute money to a common pot, and each member receives the full amount at different intervals. It’s called ajo in Nigeria, chit fund in India, gam’eya in Egypt. Trusted circles. No banks. No interest.
But the traditional setup is local, informal, and hard to scale. That’s where Money Fellows comes in. The startup digitised the process. Anyone can join or create a “circle” via its mobile app. You choose the amount, select your payout slot, and commit to monthly instalments. It’s simple, smart, and wrapped in tech.
And unlike most fintechs, Money Fellows doesn’t act like a bank. It doesn’t lend you money directly. Instead, it matches those who want to save with those who want quick access to funds. When a circle is short by one or two members, the company steps in. Not to carry the loan, but to keep the circle going.
“If we run circles of 10 people each and only find nine members for some, we step in to fund the missing one,” Wadi explained. “Instead of cancelling the group, we finance one slot, which activates and monetises the remaining nine.”
This small, strategic risk—covering only the occasional unfilled slot—keeps Money Fellows lean. Just 7–8% of active slots require company funding. Compare that to traditional lenders or BNPL players who carry full exposure, and the contrast is clear.
Over time, this approach has paid off. The app now boasts over 8.5 million users, nearly double what it had at its last funding milestone. Average payouts have jumped from EGP 23,000 to EGP 45,000. The product has caught on not just with the underbanked, but with middle- and upper-income users looking for smart, interest-free borrowing.
Earlier this year, the company introduced a card that allows users to access their payouts, repay dues, and shop at partner stores. That’s just the beginning. Payroll services, insurance, investments, even remittances are in the pipeline. It’s aiming to be a one-stop personal finance platform, without ever turning into a traditional bank.
Wadi isn’t shy about where he’s headed. After years of refining the tech and proving the model in Egypt, he’s finally ready to take it beyond the Nile.
“Cracking the model took longer than we thought,” he admitted. “But it was worth the time. Most attempts to scale Roscas digitally, even by banks and telcos globally, have failed because they underestimated how complex the underlying behaviour is.”
First stop: Morocco. The company has secured regulatory approval and forged partnerships on the ground. It’s counting on Morocco’s large unbanked population and its strong informal savings culture (known as daret) to mirror Egypt’s success. The upcoming 2030 FIFA World Cup is also expected to accelerate digital finance adoption across the region.
Beyond Morocco, other African and South Asian countries are in sight. But this next phase won’t be easy. Cultural differences, deeper banking penetration, and consumer habits could stretch the ROSCA model thin.
Still, investors are convinced. “ROSCA’s (Rotating Savings and Credit Association) are very old financial arrangements, with roots going back hundreds, if not thousands of years,” said Omar Laalej, Managing Director at Al Mada Ventures.
“AMV was impressed by the modernised version of this business that Money Fellows was able to build, positively impacting thousands of families in Egypt.”
While competitors burn cash chasing growth, Money Fellows is playing a slower, more deliberate game. It’s not flashy. It doesn’t flood you with ads. It simply delivers—a rare trait in Africa’s startup ecosystem.
