Moneyfellows 31m 37mkeneokafortechcrunch: Revolutionizing Financial Circles & Raising $31 Million in Series B Funding
This article is about the Egyptian-based Fintech company known as Money Fellows which raised 31 million dollars in the first close of series B funding moneyfellows 31m 37mkeneokafortechcrunch. Want to know more in detail about the company’s inception and its career growth in detail keep reading.
Information related to Money Fellows series B funding was first reported by Tage Kene-Okafor, a well-known TechCrunch reporter moneyfellows 31m 37mkeneokafortechcrunch.
Introduction to the Money Fellows fintech company
The visionary minds behind Money Fellows are Adham Badr and Ahmed Wadi who established the company in 2016. Despite the company’s young age, it earned a lot of fame in Egypt and other Arab countries.
How Money Fellows Work
Almost all the traditional and cultural activities are turned into digital forms in this modern era. In this case, the minds behind Money Fellows came up with the idea to introduce a digital platform where a money circle is possible and users get a trustworthy platform for it. This money circle was a part of culture, especially in Egypt, Arab, and most Asian countries.
Money Fellows works on digitizing money circles or Rotating Saving and Credit Associations (ROSCAs) that are known as “Gameya” across Arab countries. Uses of the Money Fellows platform is easy and user-friendly, you can experience it on your mobile phone.
Money Fellows pathway
Egyptian was not a first stop for Wadi, instead, he tested Money Fellows in developed countries like Germany and the UK. Unfortunately, he was not satisfied with his initiative mainly because of money circle was not a part of these countries’ traditions.
After targeting the countries in Asia, Africa, and Arab he finally reached his goal and touched a $700 billion opportunity across the globe.
Money Fellow’s first close of series B funding
Enhancing the users’ trust in the company forced Money Fellows to further explore its boundaries and increase revenue. That’s why Money Fellows closed its first round in series B with an intense fund of 31 million dollars moneyfellows 31m 37mkeneokafortechcrunch. In the combination of this newly raised fund, the total raised fund reached $37 million moneyfellows 31m 37mkeneokafortechcrunch.
List of investors in Series B funding
Partner and external investors both participate in moneyfellows 31m 37mkeneokafortechcrunch. Participants mentioned by Kene-Okafor in his article include Middle East Venture Partners (MEVP), CommerzeVentures, and Arzan Venture Capital were some of the top ups participants.
Additionally, Sawari Ventures, Invenfin National Investment Company (NIC), 4DX Ventures, Partech, and P1Ventures were the investors through which the series B funding moneyfellows 31m 37mkeneokafortechcrunch became possible.
Benefits of using Money Fellows
Its perfect policies will ensure that no one will lose money on their investments. The company provides all kinds of facilities to the users and allows them to choose the way that suits them well. Borrowers, savers, or planners are some of the planes Money Fellows offers.
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The three different planes mentioned above depend on your intent to when payout. To borrow the platform will charge a fee but again depends on your slot number. Based on this rule slot number 1 will pay more fees as compared to slot number 4. The more you wait for the end the more you will save and less you will pay the fee.
Additionally, Money Fellows also offers selling products within the country to users to get discounts. For that Money Fellows includes B2B where it is in collaboration with a variety of merchants in Egypt. These selling products come with several conveniences including buy now pay later and pension etc,
Conclusion
In conclusion, Money Fellows, the Egyptian fintech venture founded by Adham Badr and Ahmed Wadi in 2016, has emerged as a transformative force in digitizing traditional money circles or ROSCAs, especially prevalent in Egypt, Arab, and Asian countries. The platform, inspired by cultural practices, provides a user-friendly digital space for users to engage in rotating savings and credit associations.
The recent success of closing the first round in Series B funding with a substantial $31 million, bringing the total funds raised to $37 million moneyfellows 31m 37mkeneokafortechcrunch, signifies the growing trust and potential in the company.
Frequently Asked Questions (FAQs)
- What is Money Fellows, and how does it work?
Money Fellows is an Egyptian-based fintech company founded by Adham Badr and Ahmed Wadi in 2016. It works by digitizing traditional money circles or ROSCAs.
- How many users are registered on the Money Fellows platform?
Money Fellows has surpassed the impressive milestone of 4.5 million registered users, reflecting its widespread popularity and trust among the user community.
- What was the total amount raised in the first close of Money Fellows’ series B funding?
In the first close of series B funding Money Fellows secured $31 million.
- How does the slot number affect fees on the Money Fellows platform?
The slot number on Money Fellows determines fees, with higher slots incurring lower charges. Users waiting until the payout cycle end save more on fees, fostering flexibility and transparency in the platform.
