The funding round of the Series B has closed recently. Egypt-based cryptocurrency company Money Fellows has been backed by CommerzVentures, Middle East Venture Partners (MEVP) and Arzan Venture C by investing almost $31 million in the startup. With the raised funds, Money Fellows will expand its workforce and develop new products and services. The firm has previously managed to raise $6 million from venture capitalists.
The company has a classification of users:
- borrower;
- contributor;
- scheduler.
Classification occurs, depending on the location of clients in the cycle, as well as on the time of receipt of payments on their own DeFi platform. Each user will be charged a one-time service fee (approximately 6%).
The founders of the startup say that the design of the project takes into account the majority of cases, and also imposes requirements on the reservation of assets to ensure that all users receive payments, even if not every participant in the process achieves his goal.
The startup has a B2B service scheme. The firm is working with many retailers in Egypt to sell products on the app, where customers have the opportunity to receive discounts. The company's executives plan to provide more financial services.
More than 4.5 million people have already registered on the Money Fellows site. But only 7% actively use the platform. The founders said that the company's turnover increased eight times over the past year. According to the startup plan, the team plans to enter the African and Asian markets, grow the office by diversifying the service portfolio, and improve the product offerings in B2C and B2B.
