{"id":14393,"date":"2022-11-10T05:04:33","date_gmt":"2022-11-10T05:04:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/egyptian-fintech-raises-31-million-in-series-b-funding-round-fintech-bitcoin-news\/"},"modified":"2022-11-10T05:04:33","modified_gmt":"2022-11-10T05:04:33","slug":"egyptian-fintech-raises-31-million-in-series-b-funding-round-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/egyptian-fintech-raises-31-million-in-series-b-funding-round-fintech-bitcoin-news\/","title":{"rendered":"Egyptian Fintech Raises $31 Million in Series B Funding Round \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Moneyfellows, an Egyptian fintech startup specializing in digitizing money circles, recently announced the close of its Series B funding round that raised $31 million. The funds will be used to finance Moneyfellows\u2019 expansion into other markets as well as accelerate the fintech\u2019s growth.<\/strong><\/p>\n

Diversifying Moneyfellows\u2019 Portfolio<\/h2>\n

Egyptian fintech startup Moneyfellows recently revealed it had raised $31 million from its Series B funding round which was led by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Also participating in the round were the startup\u2019s existing investors like Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.<\/p>\n

According to a Disrupt Africa report<\/a>, Moneyfellows, a mobile platform-based that specializes in digitizing Egypt\u2019s savings and credit associations, plans to use the capital raised to fund the startup\u2019s expansion into new markets. There are plans to use the recently raised capital to hasten Moneyfellows\u2019 growth and the diversification of its portfolio, the report added.<\/p>\n

\u2018Facilitating Financial Inclusion\u2019<\/h2>\n

Remarking on the startup\u2019s latest fundraise, Ahmed Wadi, the founder and CEO of Moneyfellows, said:<\/p>\n

\u201cWe are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.\u201d<\/p>\n

For her part, Hangwi Muambadzi, a partner at Commerz Ventures, commended the Moneyfellows team and expressed her organization\u2019s excitement at partnering with a startup said to be committed to delivering \u201ca transformative solution that will continue to enable millions to achieve their financial goals.\u201d<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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