Egyptian fintech startup MoneyFellows has secured $13 million in pre-Series C funding to accelerate regional expansion and further digitise informal savings systems across Africa.
The round, co-led by Al Mada Ventures and DPI โs Nclude Fund, with support from Partech Africa and CommerzVentures, brings its total raised capital to over $60 million.
Founded in 2016, the startup has modernised Egyptโs traditional gameya (ROSCA) savings circles into a digital platform, attracting over 8.5 million users and reaching profitability.
The platform leverages behavioural data and AI-powered credit scoring to facilitate peer-matched saving and lending, bypassing traditional banking constraints.
The average payout per user has nearly doubled in under three years, from EGP 23,000 ($453) to EGP 45,000 ($906), showing rapid traction among higher-income and underserved users alike.
With Morocco next on its expansion roadmap, MoneyFellows is targeting markets with deep informal savings cultures and unbanked populations.
Backed by regulatory approvals and strategic partnerships, it aims to position itself as a pan-African neobank alternative.
The company has also launched a prepaid card with Mastercard and Banque Misr to facilitate digital payments, with future plans for investment, insurance, payroll, and remittance services.
๐๐จ๐ง๐ข๐๐ฉ๐จ๐ข๐ง๐ญ ๐๐ง๐ญ๐๐ซ๐ฌ ๐๐ซ๐จ๐ฐ๐๐๐ ๐๐-๐๐ข๐ ๐๐ซ๐ข๐ ๐๐๐ฆ๐ข๐ญ๐ญ๐๐ง๐๐ ๐๐ฉ๐๐๐.
Moniepoint Group has launched MonieWorld, a diaspora-focused banking platform, beginning with the UK-Nigeria corridor.
This move, backed by Visaโs recent investment, marks a strategic expansion beyond its core business banking roots into immigrant financial services.
While the fintech giant enters a saturated remittance market, CEO Tosin Eniolorunda emphasizes that MonieWorldโs ambition is broader than money transfersโit's about building a full banking experience for immigrants.
Targeting users beyond one-off transactions, MonieWorld aims to offer tools like credit-building and tailored financial support for newcomers. Its existing infrastructure, already proven across payments, cards, and compliance in Nigeria, is being repurposed to deliver cost-effective, seamless services to diaspora users.
Moniepoint argues this backend advantage allows it to operate efficiently and potentially undercut competitors.
With remittance outflows from the UK alone exceeding ยฃ9.3 billion and $20 billion sent to Nigeria globally, the corridor remains lucrative. By extending MonieWorld to other African diasporas in the U.S., Canada, and Kenya, Moniepoint is also positioning itself to diversify revenue and reduce its dependency on Nigeria.
