Loan agreement

Symbiotics Investments supports the digitization of traditional money circles in Egypt through a loan to Money Fellows

August 29, 2023
Symbiotics loan to Money Fellows in Egypt

Symbiotics Investment granted Money Fellows, an Egyptian fintech, a USD 2.25 million loan to digitize money circles and expand its operations locally.

Money Fellows, an Egypt-based digital platform, aims at modernizing the rotating savings and credit associations “ROSCAs”: informal financial entities wherein groups of individuals operate as an alternative financial mechanism. ROSCAs entail predetermined contributions and withdrawals from a shared fund (referred to as a money circle). This model is widely recognized across numerous emerging countries, and is a popular saving mechanism in regions where formal financial institutions are scarce. Members of these money circles often share familial, ethnic, or geographical ties.

Although traditional ROSCAs provide an interesting substitute for conventional credit systems, this approach retains an informal nature, largely relying on personal trust and lacking regulatory oversight. Furthermore, participants in the circle are confined to the same community, thereby remaining financially bound by the group’s available funds.

Through an online framework, Money Fellows facilitates convenient access to savings and borrowing services for money circles via its smartphone application. In contrast to the conventional ROSCAs model, this fintech introduces a wider array of participants, subjecting each to a thorough credit evaluation process. Consequently, users can rely on a regulated, secure, and efficient tool to engage with alternative financial services.

“Our collaboration with Symbiotics Investments marks a significant moment for Money Fellows, as it’s a real testament to our collective dedication and shared vision, to bring affordable and accessible financial solutions for those traditionally underserved. This partnership allows us to continue empowering our communities with unprecedented access to financial opportunities, tailoring the ROSCAs model to encompass a wider array of products and services that enable users to easily achieve their financial goals.”, said Ahmed Wadi, Founder & CEO of Money Fellows.

“We are proud to have concluded this partnership, Symbiotics’ first ever in Egypt, and to participate in supporting the dynamic fintech ecosystem and financial inclusion in this country. We believe Money Fellows fosters a strong social impact through its digitized ROSCA offering, which provides individuals underserved by banks with financial planning and funding services.”, said Vincent Lehner, Head of Markets Division at Symbiotics Investments.

The funding from Symbiotics Investments materializes nine months after Money Fellows’ successful Series B fundraising of USD 31 million, bolstered by both existing and new investors. This capital injection will empower the company to fortify its presence within Egypt and fulfill its aspiration of becoming the premier app for furnishing alternative financial services to segments of the population underserved by traditional banks.


About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,500 investments representing more than USD 9.4 billion for 575 companies in 95 countries.

About Money Fellows
Launched in 2017, Money Fellows digitizes money circles or what’s commonly known as the rotating savings and credit association (ROSCAs), a system where a group of people agree to contribute money for a specific period, thereby saving and borrowing together.


For more information, contact:
Samy Derradji, Head of Corporate Communication, Symbiotics

Jasmine Eltagi, Senior Brand Manager, Money Fellows

Muhammad Sayed, Senior Brand Specialist, Money Fellows