MoneyFellows has its eyes on regional expansion
Egyptian fintech startup MoneyFellows has plans to expand its services to other MENA countries in the coming period, founder and CEO Ahmed Wadi tells Masrawy. The app currently operates in Egypt’s major cities, and in some parts of the Delta, Wadi said. MoneyFellows had previously said it planned to expand in the MENA region in 2020 and to establish a presence in other countries in Africa in 2021.
The startup is also looking to expand its product line, and will offer smart savings services, as well as installment payment plans for purchases made through the app. The company has so far raised around USD 7 mn in funding, Wadi said.
How does it work? MoneyFellows creates digital “money circles” — known in the region as a gameya — using a scoring model, as a way to offer peer-to-peer, no-interest lending. The members of each circle commit to paying an installment into a pool every month, with a different member taking the whole pool as a payout each month.