Dr. Amr Talaat met with Minister of Communications and Information Technology Ahmed Wadi, founder and CEO of the startup Money Fellows, one of the leading Egyptian financial technology platforms; The meeting dealt with a review of the future plan of the company, which succeeded in attracting new foreign investments with a value of 31 million dollars during the first closing of a financing round of category (B), bringing the total foreign investments in the company to nearly 40 million dollars; This investment supports the company to become a leading financial platform in the Middle East and Africa by 2025.
Money Fellows aim to transform financial circles known in Egypt and Arab countries as “money saving societies” from their traditional form to a modern digital approach Using an electronic application on mobile phones that allows its users to subscribe to the financial circles and follow them up with other members, without the need for these people to be from the circle of knowledge. eligibility, in addition to various payment and receiving methods such as credit cards or cash.
This funding round will allow Money Fellows to accelerate its growth by diversifying its service portfolio, increasing its product offerings for both individual and corporate customers, in addition to
The round was closed and led by CommerzVentures, Middle East Venture Partners and Arzan Venture Capital. Invenfin and National Investment Company, in addition to current investors such as Partech, Sawari Ventures, 4DX, and P1Ventures, also participated in the tour.
The meeting was attended by; Eng. Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA), Dr. Hossam Othman, Advisor to the Minister of Communications and Information Technology for Technological Innovation, Electronics Industry and Training, and a number of Money Fellows leaders.
During the meeting; Dr. Amr Talaat explained the efforts made by the Ministry of Communications and Information Technology to maintain Egypt’s distinguished position in the entrepreneurship and start-ups sector; Egypt occupies the first place in the number of deals that take place every year in emerging companies operating in the communications and information technology sector, and the second in the volume of investments at the level of North Africa and the Middle East.
Dr. Amr Talaat indicated that the ministry It has a strategy to support the capabilities of emerging companies operating in the sector and increase the volume of investments flowing from abroad in them; The strategy includes the establishment of Egypt’s digital innovation centers through which training is provided to startups, provision of business acceleration programs, incubator programs for startups, and the establishment of networking forums with investors from leading companies in the ICT sector from inside and outside Egypt, during which negotiations are conducted that will end Successfully in most cases, as happened with Money Fellows, where capital is injected into start-up companies that enable them to increase the scope of their activities, and support their ability to market their products in new markets.
Dr. Amr Talaat added that centers are being established Digital Egypt Creativity with the aim of developing start-up companies and increasing their number and supporting their ability to compete and grow; Pointing out that 8 Egypt Digital Creativity Centers have been opened, and the trial operation of 10 other centers will take place early next year, provided that the establishment of the rest of the centers will be completed to reach 30 innovation centers at the level of the Republic, with investments of more than 5 billion pounds; He pointed out that the second pillar in the ministry’s strategy to support startups is training to provide specialized skills required by startups in various governorates.
It is worth noting that the Money Fellows application has achieved more than 4 million downloads, and more than 250 A thousand active users, and a strong growth of up to 8 times annually.
On his part; Mr. Ahmed Wadi, founder and CEO of Money Fellows, said: “We are pleased to share with our stakeholders and users the latest steps of progress and growth that have enabled Money Fellows to become one of the leading FinTech companies in the Egyptian market, supporting financial inclusion and digital transformation in the country. . We would not have achieved such an important funding milestone without the strong support of our existing investors who understand and support the company’s vision, as well as the perseverance and belief of our new partners in the company and the ability of our team to carry out the mission.” He added: “The support we received from leading local and international venture capital companies in light of global economic conditions and scarcity of growth is evidence of their faith and confidence in our business model and team, and the promising opportunities in the Egyptian market.”