Money Fellows Raises $13 Million to Digitize Community-Based Finance and Expand Inclusive Fintech Access Across Africa

Investment led by DPI Venture Capital via the Nclude Fund and Al Mada Ventures

London and Cairo – 23 April 2025 – DPI Venture Capital, the venture capital platform of Development Partners International (DPI), announces an investment in Money Fellows, a leading African fintech reimagining traditional savings and credit systems for the digital age. The investment was co-led with Al Mada Ventures (AMV), alongside participation from existing investors Partech and CommerzVentures.

This funding round brings Money Fellows’ total capital raised to over US$60 million since inception. The new capital will support platform innovation, user growth, and geographic expansion — particularly across North Africa, where the company is eyeing Morocco as a gateway market.

Founded in 2017 by Ahmed Wadi, Money Fellows has built a digital platform modernizing Rotating Savings and Credit Associations (ROSCAs), a community-driven model of saving and borrowing historically rooted in African markets. By digitizing this practice, the company enables users to access flexible, transparent financial tools at scale — and in doing so, unlocks broader financial inclusion for underserved consumers.

Today, Money Fellows has surpassed 8.5 million users, is integrated with over 350 local and regional partners, and has facilitated more than US$50 million in investments across its digital savings platform.

DPI Venture Capital’s investment in Money Fellows was made through the Nclude Fund, a dedicated venture capital vehicle backed by Egypt’s largest financial institutions and advised by DPI. The fund targets early- and growth-stage fintech and fintech-enabled businesses that are reshaping financial services across the region.

“At DPI VC, we believe the most scalable fintech solutions are often rooted in local behaviors and cultural practices. Money Fellows has taken the age-old concept of money circles and digitized it to meet the needs of today’s consumers—making it safer, more transparent, and far more accessible. Our investment reflects our conviction in fintech that is both impactful and deeply resonant with the communities it serves.”said Mohamed Aladdin, General Partner at DPI Venture Capital

DPI Venture Capital’s investment in Money Fellows was made through the Nclude Fund, a dedicated venture capital vehicle backed by Egypt’s largest financial institutions and advised by DPI. The fund targets early- and growth-stage fintech and fintech-enabled businesses that are reshaping financial services across the region.

“This investment reflects DPI VC’s commitment to building the infrastructure for long-term financial inclusion across the Middle East and Africa. Money Fellows stands out as a mission-aligned partner—leveraging innovation to expand access to financial tools and unlock new opportunities for underserved populations. We’re proud to support ventures that deliver both strong growth potential and meaningful regional impact.” said Ashley Lewis, Managing Partner and Head of DPI Venture Capital

“Our mission has always been to empower people to save, invest, and borrow in ways that are transparent, efficient, and tailored to their lives,” said Ahmed Wadi, Founder and CEO of Money Fellows. “With this new funding, we’ll continue to scale our platform, build new financial tools, and expand into new markets. DPI’s operational insight and regional reach will be instrumental in our journey ahead.”

The company’s upcoming expansion into Morocco — and other North African markets — coincides with broader digitization tailwinds and a growing demand for inclusive financial services. Events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup are expected to further accelerate the adoption of digital finance infrastructure across the region.

About Money Fellows

Money Fellows is a digital platform that transforms Rotating Savings and Credit Associations (ROSCAs) into a secure, regulated, and tech-enabled financial service. Through its mobile app, users can join savings circles, invest, and access credit with full transparency. The platform serves more than 8.5 million users and has facilitated over US$50 million in transactions to date.

About DPI Venture Capital

DPI Venture Capital is the venture platform of Development Partners International (DPI), the leading pan-African investment firm with over US$3 billion in assets under management. DPI VC backs early to growth-stage technology companies via the Nclude Fund, with a focus on fintech and fintech-enabled businesses across the Middle East and Africa. With teams in Cairo, Lagos, Dubai, and London, DPI VC brings hands-on support, local insight, and global networks to help founders scale from seed to success.
www.dpi-llp.com/dpi-venture-capital