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FinancialNews


  • 31-10-22

    Egyptian company Money Fellows collects USD31m in series B investment phase

    (MENAFN) Egyptian fintech firm Money Associates has collected USD31 million in a series B investment phase directed by CommerzVentures, as it targets for geographical growth.

    The mobile app platform is into digitizing money circles or spinning savings and credit relations, which is massively known between the Egyptian citizens.

    “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,” Ahmed Wadi, founder and chief executive of Money Fellows stated in an announcement.

    Established six years ago (2016), Money Fellows is going to benefit from its investments to grow its output proposing into additional verticals through B2C as well as B2B segments.

    It is seeking to go into markets in Africa as well as Asia as 2.4 billion people internationally benefit from money circles via traditional channels, in line with a press release.

    MENAFN31102022000045014228ID1105103441

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