Egyptian fintech company Money Fellows announced it has exceeded 8 million users and surpassed $1.5bn in total transaction value since its launch, as it digitises traditional rotating savings circles.
The company, which has completed over 2 million rotating savings groups through its application, has also achieved profitability, founder and CEO Ahmed Wadi said.
Money Fellows is the first Egyptian platform to offer an integrated experience combining digital savings groups, smart saving solutions, and a prepaid card, in partnership with Banque Misr. The services operate under the supervision of the Central Bank of Egypt’s FinTech Regulatory Sandbox.
“At Money Fellows, we believe technology can be a powerful tool to empower communities and promote financial equity,” Wadi said in a statement. “We have successfully achieved profitability, ensuring business continuity and enabling further expansion of our services.”
The platform currently serves around 350,000 monthly active users, has issued over 50,000 prepaid cards, and has signed 328 B2B2C partnership agreements with leading companies and institutions. The company has raised over $60 million in funding from local and international investors.
Wadi added: “The success of Money Fellows is not just measured by numbers, but by the positive impact it creates in people’s lives, enabling millions to achieve their goals and improve their financial well-being.”
The company’s prepaid card facilitates deposits, withdrawals, and payments without service fees, and offers additional benefits such as cashback and discounts at major retailers, making it a key tool in driving financial inclusion, the company said.
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