Moneyfellows Raised $31 Million (USD) In Series B Funding

The collaborative lending group and savings platform in Egypt had recently released its Series B funding. Moneyfellows, one of the popular fintech groups in Egypt, announced second quarter results with a $31 million (USD) investment that helps in the growth of new business markets in the nation.

Currently, the Moneyfellows platform has more than 2 million users. It is the most trusted online platform for managing Money Circles. The Money Circle values range from 3,500 EGP to 100,000 EGP. Users can easily join multiple Money Circles at the same time. And the installments start as low as 500 EGP per month and go up to 20,000 EGP per month.

“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.”

Moneyfellows raised $4 million (USD) in a Series A round in 2020. It raised up to $31 million (USD) in Series B funding, led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital.

Other participating investors are Partech, Sawari Ventures, Invenfin, the National Investment Company (NIC), 4DX Ventures, and P1Ventures. Money Fellows has raised $37 million (USD) in total funding since its inception.

MoneyFellows is a mobile based platform that digitizes money circles, or Rotating Savings and Credit Associations (ROSCAs), most popularly known as “Gameya” in Egypt and other Arab countries.

Despite the current fluctuation in the bear market, Pantera, one of the largest crypto hedge funds, decided to launch a second phase of block chain funds worth $1.25 billion (USD). The platform is currently offering funds on five platforms: Blockchain funds, Bitcoin, Venture Capital, liquid tokens and, early-stage tokens.

Pantera, a San Francisco-based firm, is one of the earliest digital currency investment platforms that was founded in 2013. Last year, Pantera launched the first phase of a fund of up to $600 million (USD) to invest in liquid tokens and venture equity. The Early Stage Token Fund and Pantera Bitcoin fund, which focuses on blockchain protocols, were both consistently growing. The company introduced the Early Stage Token Fund in 2017 and raised it to 27% at the start of 2020.