Forbes Middle East

48 MoneyFello­ws

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Founder: Ahmed Wadi

Digitized ROSCA system

Funding: $5 million

Investors: 500 startups, Partech Ventures, Sawari Ventures, Dubai Angel Investors

Headquarte­rs: Egypt Establishe­d in: 2016

MoneyFello­ws is a digitized Rotating Credit and Savings Associatio­n (ROSCA) system, which offers users a mobile and web-based ROSCA that is more convenient, manageable, scalable and secure than the traditiona­l offline model. MoneyFello­ws aims to build a group lending and saving model among a community of trusted peers around the world. It has raised $5.05 million in total funding, with $4 million secured in 2020 alone.

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