Money Fellows, a leading African digital fintech platform, has successfully closed a new strategic investment round, raising $13 million and pushing its total funding to over $60 million since inception.
This capital infusion marks a major step forward for the company as it accelerates efforts to upgrade its digital platform and meet growing demand from its expanding user base, now exceeding 8.5 million individuals.
The new round was co-led by Al Mada Ventures (AMV) and DPI via the Nclude Fund, with participation from globally recognized investors such as Partech and CommerzVentures.
This funding aims to revolutionize traditional financial practices in Africa by digitizing saving, borrowing, and investing mechanisms, offering these services in a more accessible, modern, and secure way.
With over 350 partnerships with regional and local companies, Money Fellows is strategically positioned to scale its operations, deepen user engagement, and enhance financial inclusion for underserved populations across multiple African markets.
Driving Financial Innovation Through Community and Technology
Ahmed Wadi, Founder and CEO of Money Fellows, emphasized the importance of the investment in the company’s mission: “Money Fellows plays a pivotal role in the fintech ecosystem across Africa by merging traditional community-based savings models with advanced financial technologies. Our platform delivers seamless and scalable solutions that are empowering millions of users.”
He added, “This funding is a validation of our long-term vision to drive inclusive financial growth. It strengthens our resolve to provide cost-effective financial tools that empower people—particularly in marginalized regions—to save, invest, and access credit with transparency and security.”
Omar Laalej, Managing Director at Al Mada Ventures (AMV), expressed confidence in the company’s future: “We are committed to supporting ambitious startups that deliver long-lasting impact. Money Fellows’ expansion into markets like Morocco underscores their immense potential in digital financial services across Africa.”
Investors Endorse the Digitization of Traditional Finance Models
Mohamed Aladdin, General Partner at DPI Venture Capital, reiterated DPI’s vision for fintech in Africa: “We believe innovation is the future of financial services in the region, and Money Fellows is leading the transformation by reimagining traditional saving structures. We’re proud to support their expansion and mission.”
Cyril Collon, General Partner at Partech, stated, “Money Fellows has built a powerful digital tool rooted in well-established saving habits while integrating the latest technologies. Their platform is a catalyst for extending financial services to wider populations.”
Patrick Meisberger, Managing Partner at CommerzVentures, remarked, “Money Fellows is driving significant change by digitizing savings circles, which directly enhances the lives of countless individuals. Their work embodies the kind of innovation that we are eager to champion.”
Expanding Across Africa with Eyes on Morocco and Major Regional Events
Founded in 2017 by entrepreneur Ahmed Wadi, Money Fellows set out to digitize ROSCAs (Rotating Savings and Credit Associations)—a centuries-old informal financial system that remains widely used in African communities. The app allows users to securely save, invest, and borrow funds with full transparency via mobile devices.
The company currently serves over 250,000 active users and has facilitated financial transactions worth more than $50 million to date. Money Fellows has grown into one of the continent’s most prominent fintech companies, empowering individuals through accessible financial solutions.
Looking ahead, the platform is gearing up for expansion into North African markets, particularly Morocco—a region showing strong growth potential in digital finance. This push aligns with anticipated boosts in digital adoption during major continental events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.
