Cairo-based fintech Cash Fellows has raised $13 million in a strategic funding spherical co-led by Al Mada Ventures and DPI Enterprise Capital by way of the Nclude Fund, with participation from Partech, CommerzVentures, and different traders, it introduced on Monday. The funding brings the entire funding raised by the corporate to over $60 million since its inception.
Based in 2017 by Ahmed Wadi, Cash Fellows digitizes conventional rotating financial savings and credit score associations (ROSCAs) to supply customers throughout Africa with accessible instruments for saving, borrowing, and investing. The platform has grown to serve over 8.5 million customers and companions with greater than 350 native and regional companies.
The startup plans to make use of the brand new funds to reinforce its digital platform, increase into new markets; significantly North Africa with a deal with Morocco, and develop its group. Cash Fellows expects its growth to be bolstered by upcoming regional occasions such because the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, that are anticipated to speed up digital finance adoption throughout the area.
Ahmed Wadi, Founder and CEO of Cash Fellows, in an announcement, mentioned, “This funding is a testomony to the potential now we have to additional our mission of empowering people, particularly in underserved areas, to save lots of, make investments, and entry credit score in a cheap and impactful means.”
Omar Laalej, Managing Director at Al Mada Ventures, commented on the funding, noting that “ROSCAs are very previous monetary preparations, with roots going again tons of, if not 1000’s, of years. AMV was impressed by the modernized model of this enterprise that Cash Fellows was in a position to construct, positively impacting 1000’s of households in Egypt.”
The newest funding comes after Cash Fellows raised $31 million within the first shut of its Sequence B spherical in October 2022, which was led by CommerzVentures, MEVP, and Arzan Enterprise Capital. On the time, it mentioned, that it was aiming to boost as much as $100 million in Sequence C.
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