Moneyfellows, an Egyptian fintech startup specializing in digitizing cash circles, lately introduced the shut of its Collection B funding spherical that raised $31 million. The funds shall be used to finance Moneyfellows’ growth into different markets in addition to speed up the fintech’s development.
Diversifying Moneyfellows’ Portfolio
Egyptian fintech startup Moneyfellows lately revealed it had raised $31 million from its Collection B funding spherical which was led by Commerz Ventures, Center East Enterprise Companions (MEVP), and Arzan Enterprise Capital. Additionally taking part in the spherical have been the startup’s present traders like Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.
In response to a Disrupt Africa report, Moneyfellows, a cell platform-based that specializes in digitizing Egypt’s financial savings and credit score associations, plans to make use of the capital raised to fund the startup’s growth into new markets. There are plans to make use of the lately raised capital to hasten Moneyfellows’ development and the diversification of its portfolio, the report added.
‘Facilitating Monetary Inclusion’
Remarking on the startup’s newest fundraise, Ahmed Wadi, the founder and CEO of Moneyfellows, stated:
“We’re proud to share with our stakeholders and our customers the progress and development which led MoneyFellows to turn out to be one of many market-leading fintechs in Egypt, facilitating monetary inclusion and digital transformation in the nation.”
For her half, Hangwi Muambadzi, a accomplice at Commerz Ventures, recommended the Moneyfellows workforce and expressed her group’s pleasure at partnering with a startup stated to be dedicated to delivering “a transformative answer that can proceed to allow thousands and thousands to realize their monetary objectives.”
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