Money Fellows Raises $13M to Drive Digital Financial Inclusion Across Africa

Editorial Team

Last updated 6-05-2025

3 min

Money Fellows raised $13 million, boosting total funding to over $60 million.

The funding round was led by Al Mada Ventures, DPI's Nclude Fund, and notable investors.

Money Fellows digitises and modernises the traditional ROSCAs savings method via a secure app.

The company serves 8,5 million users and partners with 350 businesses across Africa.

The new funds aim to expand platform features and increase financial inclusion in underserved areas.

In a promising development for financial inclusion across Africa, fintech firm Money Fellows has successfully raised $13 million in fresh funding, tipping its total investment to more than $60 million since its launch. The new financing round was headed up by Al Mada Ventures (AMV) and DPI's Nclude Fund, with contributions from renowned investors including Partech and CommerzVentures. Sources close to the deal say these financial heavyweights are keen on fuelling innovation in emerging markets—something clearly evident through their commitment to Africa’s burgeoning startup scene.

For anyone who hasn't yet heard of Money Fellows, the concept is fascinating. The firm, founded back in 2017 by Ahmed Wadi, takes the familiar African tradition of ROSCAs (Rotating Savings and Credit Associations)—a well-known informal financing method—and cleverly moves it into the digital age. Basically, Money Fellows lets you save money, invest it, and tap into funds easily through their secure mobile app. It seems a smart way to modernise a traditional habit that's been part of local communities for years, especially given how these informal savings clubs have a meaningful place in many families' financial routines.

With over 8.5 million users now hooked to their platform and partnerships with roughly 350 businesses across the continent, Money Fellows appears to be something of a household name in certain circles. The newly acquired capital is earmarked for upgrading features on the platform, broadening its reach into more territories within Africa, and reshaping how people traditionally approach saving, borrowing, and investing. This certainly aligns with the general buzz amongst fintech watchers—that innovation and access are crucial to truly bringing financial services to the vast segments of society who’ve previously been left on the sidelines.

“We believe strongly that Africa’s financial future truly lies in innovation,” the company said in a statement marking the deal. And isn't that the crux of the whole thing—opening doors that many might previously have felt were locked shut?

It’s worth mentioning the move comes amid a broader industry trend of platforms raising funds to provide modern financial services to millions across Africa—especially for groups traditionally underserved by conventional banks. It feels timely, doesn't it? On a quick scan through some related stories on Arageek, you can spot other innovative regional startups also gaining momentum—perhaps we’re witnessing a genuine tipping point in how people handle their finanical lives across this vibrant continent.

It certainly seems like exciting times in Africa’s fintech landscape—watch this space!

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