17. MONEYFELLO­WS

Forbes Middle East - - MIDDLE EAST FINTECH 20 -

Crowd fund­ing from so­cial net­works Founders: Ahmed Wadi Fund­ing: $980,000

In­vestors: DAI, 500 Star­tups, An­gel in­vestors, Star­tup­boot­camp Fintech Lon­don, Flat6labs

Coun­try: Egypt Date of es­tab­lish­ment: 2016

Moneyfello­ws en­ables users to ac­cess credit and hit their sav­ing goals by dig­i­tiz­ing the tra­di­tional ROSCA model, which is known as "Gameya" in the Mid­dle East. The app cre­ates com­mu­ni­ties of trusted peers to join sav­ing-cir­cles. Moneyfello­ws is cur­rently used by over 350,000 users. Cash col­lec­tion, e-Wal­lets and credit cards are among the meth­ods that users can fol­low to pay and re­ceive their money.

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