Forbes Middle East
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.