There are plans to use the recently raised capital to hasten Moneyfellows’ growth and the diversification of its portfolio, the report added. fintech financialinclusion
Moneyfellows, an Egyptian fintech startup specializing in digitizing money circles, recently announced the close of its Series B funding round that raised $31 million. The funds will be used to finance Moneyfellows’ expansion into other markets as well as accelerate the fintech’s growth.Egyptian fintech startup Moneyfellows recently revealed it had raised $31 million from its Series B funding round which was led by Commerz Ventures, Middle East Venture Partners , and Arzan Venture Capital.
“We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.” For her part, Hangwi Muambadzi, a partner at Commerz Ventures, commended the Moneyfellows team and expressed her organization’s excitement at partnering with a startup said to be committed to delivering “a transformative solution that will continue to enable millions to achieve their financial goals.”Tags in this story
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