Money Fellows’ Ahmed Wadi On His US$13 Million Fundraise

Egypt-based fintech Money Fellows has raised US$13 million in a funding round co-led by Casablanca-based venture capital (VC) fund Al Mada Ventures and UK-based DPI Venture Capital through the Egyptian Nclude Fund.

The round included participation from existing investors, including France-based tech investment firm Partech and the Germany-based VC firm CommerzVentures, and it brings the total amount of funds the company has raised to over $60 million. 

Established by Ahmed Wadi in Cairo in 2017, Money Fellows digitizes traditional savings circles or rotating savings and credit associations (ROSCAs), offering users in Africa digital tools for saving, borrowing, and investing. The platform currently has over 8.5 million users and works with more than 350 local and regional partners. 

The funding will be used to improve the digital platform, grow the team, and support the company’s entry into new markets, particularly in North Africa.  In an interview with Inc. Arabia, Wadi said that Morocco represents the next logical step in Money Fellows’ regional expansion.

“Our decision to enter Morocco was driven by a few core factors: a strong culture of informal group savings (similar to RoSCAs), a digitally literate and mobile-first population, and a regulatory environment that’s increasingly supportive of fintech innovation,” he said. Wadi also noted that Morocco is also to expected to see an increase in demand for digital finance products as the country gears up to host the 2025 Africa Cup of Nations (AFCON) as well as co-host the 2030 Federation Internationale de Football Association (FIFA) World Cup. 

Wadi added that, unlike in Egypt, where Money Fellows had to educate the market and build trust in digitizing a deeply traditional practice, Morocco offers a consumer base that is already highly receptive to mobile financial services and structured savings habits. As such, the company’s strategy in Morocco will differ from its rollout in Egypt.

“Our strategy there will emphasize strategic partnerships with local financial institutions to accelerate trust-building, while keeping our model asset-light and operationally flexible," Wadi explained. "We’re adapting to local nuances while replicating the core engine that drove our success in Egypt: community-based financial inclusion powered by data." 

Looking ahead, Wadi suggested that Africa’s digital finance ecosystem is undergoing profound transformations, and he highlighted two key trends that will drive the industry’s trajectory over the next 2-3 years.  “One underhyped trend is the rise of capital-efficient fintechs that generate strong unit economics without over-relying on working capital or subsidies," he shared. "We're seeing a shift from growth-at-all-costs to models that balance scalability with profitability—and this will reshape how both founders and investors assess success.” 

Another key trend, he told us, is the increasing interoperability between fintechs, telcos, and banks through open application programming interfaces (APIs)—a development that is expected to accelerate financial inclusion in fragmented markets. “Over the next few years, these trends will produce more resilient, embedded finance solutions that feel local but scale regionally,” Wadi predicted. 

With Money Fellows continuing to grow across Africa, Wadi emphasized that fintech founders looking to scale in emerging markets must focus on a few fundamentals. “One critical lesson is: don’t underestimate the complexity of trust—especially in markets where informal systems are the norm," he shared. "Technology alone won’t replace deeply rooted habits. You need to embed local cultural understanding into product design, customer support, and even your risk models.” 

Wadi added that, for Money Fellows, trust-building has been key to success—requiring local partnerships, transparency, and consistency to ensure users feel confident transitioning to digital financial tools. “Trust isn't built through user experience alone; it’s a long-term investment that requires consistency, local partnerships, and transparency," he said. "Founders should resist the urge to scale too fast before they’ve nailed trust at the community level." 

Pictured in the lead image is Money Fellows founder Ahmed Wadi. Image courtesy Money Fellows.