Money Fellows operates the leading digitized Money Circles application, providing users with a structured way to save and access funds through rotating savings and credit associations. The platform offers flexible circle durations, high payout limits, and cashback incentives on payouts. Financial transactions are secured through partnerships with banking institutions and supervision under the Central Bank of Egypt Regulatory Sandbox.
Funding
$4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+1Founders
Product
Problem
Traditional rotating savings and credit associations (ROSCAs) lack the security and efficiency of modern financial platforms, creating risks related to transparency, fund management, and accessibility, especially for individuals seeking reliable personal financing solutions. Participants often face challenges in managing contributions, tracking payouts, and ensuring the trustworthiness of all members within the circle.
Solution
MoneyFellows provides a digitized platform for ROSCAs, offering a secure and efficient way for users to engage in collaborative saving and credit activities. The platform ensures transparency and accountability through its Central Bank of Egypt Regulatory Sandbox supervision and banking partner Banque Misr, which monitors all banking transactions and user payouts. By digitizing the ROSCA model, MoneyFellows eliminates the traditional risks associated with informal money circles, providing users with a reliable and accessible personal financing solution. The platform offers flexible circle durations, various payment options, and cashback incentives on payouts, enhancing the overall user experience and promoting financial inclusion.
Target Audience
The primary target audience includes individuals in Egypt seeking secure, flexible, and accessible personal financing solutions through digitized ROSCAs, as well as companies looking to offer financial services to their employees.
Features
- Digitized ROSCA platform supervised by the Central Bank of Egypt Regulatory Sandbox.
- Banking partner Banque Misr monitors all banking transactions and user payouts.
- Flexible circle durations of 6, 10, or 12 months.
- Multiple payment options including credit/debit cards, prepaid cards, bank transfers, Fawry, and e-wallets.
- Cashback incentives on payouts, with savings of up to 20% cashback on payouts up to 1,000,000 EGP.
- Rewarding slots that protect the value of money with up to 125% off pay-ins.
- Unlimited payouts up to 1,200,000 EGP per circle, with the ability to join multiple circles.
- MoneyFellows Card for easy spending, saving, and financial planning.