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Egyptian Fintech Raises $31 Million in Series B Funding Round – Fintech Bitcoin News

Moneyfellows, an Egyptian fintech startup specializing in digitizing cash circles, not too long ago introduced the shut of its Sequence B funding spherical that raised $31 million. The funds will probably be used to finance Moneyfellows’ growth into different markets in addition to speed up the fintech’s progress.

Diversifying Moneyfellows’ Portfolio

Egyptian fintech startup Moneyfellows not too long ago revealed it had raised $31 million from its Sequence B funding spherical which was led by Commerz Ventures, Center East Enterprise Companions (MEVP), and Arzan Enterprise Capital. Additionally taking part within the spherical have been the startup’s current traders like Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.

In accordance with a Disrupt Africa report, Moneyfellows, a cell platform-based that focuses on digitizing Egypt’s financial savings and credit score associations, plans to make use of the capital raised to fund the startup’s growth into new markets. There are plans to make use of the not too long ago raised capital to hasten Moneyfellows’ progress and the diversification of its portfolio, the report added.

‘Facilitating Monetary Inclusion’

Remarking on the startup’s newest fundraise, Ahmed Wadi, the founder and CEO of Moneyfellows, mentioned:

“We’re proud to share with our stakeholders and our customers the progress and progress which led MoneyFellows to turn into one of many market-leading fintechs in Egypt, facilitating monetary inclusion and digital transformation within the nation.”

For her half, Hangwi Muambadzi, a accomplice at Commerz Ventures, counseled the Moneyfellows group and expressed her group’s pleasure at partnering with a startup mentioned to be dedicated to delivering “a transformative answer that may proceed to allow thousands and thousands to attain their monetary targets.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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