MoneyFellows, an Egyptian fintech startup has secured over $1 million in a bridge round (Pre-Series A) from 500 Startups and Dubai Angel Investors.
Founded in late 2016 by Ahmed Wadi, MoneyFellows is digitizing concept of money circles (Rotating Credit & Savings Associations), commonly known as gam’eya in Egypt and other Arab countries.
The years-old practice involves the contribution of a fixed installment every month to a pool with one of the members taking the whole pool as payout every month.
The circle ends when everyone receives their payout and is usually repeated if the participants are interested.
MoneyFellows with its group pooling platform for credit and savings is digitizing the entire process of money circles with a scoring model that compliments current offline model, making it more scalable, safe and efficient.
