Money Fellows raises $13m to expand savings platform in Africa

By Gloria Methri

Money Fellows, Africa’s digital FinTech platform, has raised $13 million in a strategic funding round, bringing its total funding to over $60 million since inception. The investment aims to support the company’s mission of enhancing financial inclusion by digitising traditional savings, lending, and investment practices.

The round was co-led by Al Mada Ventures (AMV) and DPI Venture Capital through the Nclude Fund, with further participation from Partech and CommerzVentures. All investors are focused on fostering innovation across emerging markets, and this latest injection of capital will help Money Fellows upgrade its digital platform and expand to new regions.

“Money Fellows is a critical player in Africa’s financial ecosystem, combining the power of community-based savings with cutting-edge FinTech to create a seamless and scalable solution,” said Ahmed Wadi, Founder and CEO of Money Fellows. “This investment is a testament to the potential we have to further our mission of empowering individuals, especially in underserved regions, to save, invest, and access credit in a cost-effective and impactful way.”

With over 8.5 million users and more than 350 local and regional partners, Money Fellows has proliferated since its founding in 2017 by Ahmed Wadi. The company plans to use the new funding to scale operations across North Africa, particularly in Morocco, a key market for digital financial services.

As Africa prepares to host major events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, Money Fellows is well-positioned to benefit from the accelerated adoption of digital finance solutions. The firm’s platform offers a secure, efficient way to modernise community-based finance models and make formal financial services more accessible to underserved populations. The funding marks another milestone in the company’s journey to transform the way millions of Africans save, borrow, and invest.