- Ahmed Wadi: The New Funding is a Key Step Toward Platform Development and Expanding Our Services to Millions Across Africa
- Round led by Al Mada Ventures, DPI, and a Group of Prominent Investors to Empower Entrepreneurs in Africa
Money Fellows, a digital fintech platform, has raised $13 million in a new funding round, bringing its total funding to over $60 million since its inception.
This round aims to enhance and upgrade the company’s digital platform, especially as its user base has grown to over 8.5 million users, in collaboration with more than 350 local and regional partners.
The round was led by Al Mada Ventures (AMV) and DPI through the Nclude Fund, with participation from notable investors such as Partech and CommerzVentures, all of whom are committed to fostering innovation in emerging markets and empowering African entrepreneurs.
The investment is set to support the company’s expansion into new markets and revolutionize traditional saving, borrowing, and investment methods through digitization—contributing to financial inclusion and enabling millions of individuals to access innovative and efficient financial services.
Executives’ Statements
Ahmed Wadi, Founder and CEO of Money Fellows, stated:
“Money Fellows is a key player in Africa’s fintech ecosystem, combining the power of community-based savings with cutting-edge technology to deliver seamless and scalable solutions.
He add:” We believe the future of finance in Africa lies in innovation.”
“This funding is a strong vote of confidence in our business model and mission—to empower individuals, especially in underserved regions, to save, invest, and access financing in a secure and efficient way.”
Omar Laalej, Managing Director at AMV, said:
“At AMV, we are committed to supporting ambitious companies with long-term impact. Money Fellows has enormous potential, especially as it expands into new markets like Morocco, where digital financial services are rapidly growing”.
He said: “We’re excited to support their mission to make finance accessible to all.”
Mohamed Alaa El-Din, General Partner at DPI Venture Capital, commented:
“We believe that the future of financial services in Africa lies in innovation, and Money Fellows is leading this transformation by modernizing traditional savings systems”.
He add: “We are proud to partner with a company that has such a bold vision, and we look forward to seeing its impact across the Middle East and Africa.”
Cyril Collon, General Partner at Partech, said:
“We are delighted to support Money Fellows and their efforts in delivering top-tier digital financial services to broader segments of Africa’s population”.
“Their platform is uniquely positioned to blend traditional savings habits with modern tech to promote large-scale financial inclusion.”
Patrick Meisberger, Managing Partner at CommerzVentures, added:
“The transformative impact that Money Fellows is making by digitizing traditional savings practices is exactly the kind of innovation we aim to back”
” By reshaping how people in Africa manage their finances, Money Fellows isn’t just helping them save—it’s helping them transform their lives.”
About Money Fellows
Founded in 2017 by entrepreneur Ahmed Wadi, Money Fellows was established to digitize traditional ROSCA (Rotating Savings and Credit Associations) systems—a widely practiced financial habit across Africa.
The digital platform enables users to save, invest, and access financing in a secure and transparent manner via a mobile application.
To date, Money Fellows has served over 250,000 active users, facilitating investments worth over $50 million.
With major upcoming events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, the adoption of digital financial services is expected to accelerate.
Money Fellows is preparing to expand into North African markets—especially Morocco, which represents a promising opportunity in this sector.
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