MoneyFellows, the Egyptian fintech company has raised US$4 million from Partech as well as Sawari Ventures (based in Egypt). MoneyFellows is a fintech company that facilitates money circles where, a group of people contribute to a fixed installment every month while one member at a time gets access to the entire pool. The concept is similar to the Stokvel in South Africa where people typically contribute to a shared pool. MoneyFellows was established in 2016 by Ahmed Wadi and currently has over 150,000 active users.
Partech Africa launched a US$122-million fund from among others Averroes Finance, European Investment Bank (EIB) and the International Finance Corporation (IFC). The fund is managed by Cyril Collon and Tidjane Dème who invest in startups with solutions to the mobility, supply chain, consumer services, fintech as well as startups that leverage off the informal economy.
Sawari Ventures is Egyptian venture capital firm with a US$70-million fund known as the Sawari Ventures North Africa Fund. The Egyptian based firm typically invests in tech and knowledge-driven companies in Egypt, Tunisia and Morocco. The stake acquired by Partech and Sawari Ventures was not disclosed.