Money Fellows, founded in 2017, has secured $13 million in a new funding round, enhancing its ability to provide digital financial services in Africa.
Description of the New Funding Round
Money Fellows, a leading fintech platform in Africa, has completed a funding round totaling $13 million. The round saw participation from companies like Partech Africa and CommerzVentures, bringing the total investment to over $60 million since its inception.
Goals and Implementation of the Platform
The funds will be used to enhance Money Fellows' digital platform, which has over 8.5 million users. The platform also plans to expand into new markets and improve traditional saving and borrowing methods by delivering these services in a modern, secure way.
Impact and Growth Opportunities
The agreement that Money Fellows is transforming traditional saving practices into modern solutions is highlighted by its founder Ahmed Wadi. According to him, the Rotating Savings and Credit Association (ROSCAs) represents a $700 billion opportunity globally, which positions the platform as a key player in the utilization of financial services in emerging markets.
Money Fellows continues to strengthen its position in Africa's financial sector, aiming to increase access to financial services for millions of users, which can significantly impact financial inclusion in the region.
