Moneyfellows, an Egypt-based fintech startup just raised a $600,000 investment from a group of investors led by Dubai Angel Investors and 500 Startups.
The startup Moneyfellows, is a web and mobile-based platform that allows you to create, manage and track money circles online. It aims to digitize the “money circle”, which is basically an informal type of finance where a group can contribute money to a common fund and take turns withdrawing the total amount. The startup is able to make money through charging users a small fee whenever they withdraw their payouts from their money circle.
So far, Moneyfellows has had 2,600 paying users and about 240 active ones. With the recent investment they’ve received, the company has raised $800,000 in total since its launch in 2015.
According to Moneyfellow’s founder Ahmed Wadi, he’ll be using the new fund to focus more on customer acquisition, in addition to expanding their network of partners, which include corporates and financial institutions. Furthermore, he mentioned that he’s currently in talks with regulators around the MENA region with the aim of expanding to countries beyond Egypt.
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