The startup, founded in 2015, digitises the "gam'eya", an informal type of finance commonly used in the Middle East.
Money Fellows, an Egyptian fintech startup founded in 2015, has just raised a $600,000 investment round led by Dubai Angel Investors and 500 Startups, Forbes reported. Founded by Ahmed Wadi, the company digitises the "gam'eya", an informal type of finance commonly used in the Middle East, where a group of individuals - usually, friends, family and acquaintances - pitch in money and take turns to withdraw the total amount.
The startup runs through a web and mobile-based platform that allows users to create and manage these 'money circles' with members of their social networks. The startup takes a small fee to users, whenever they withdraw their payout. Since its founding in 2015, the startup - which now boasts 2,600 users and nearly 240 active circles - has raised a total $800,000.
Wadi, who last year won the top prize at the 2017 MIT Enterprise Forum Arab Startup Competition, is looking to expanding to Saudi Arabia and the UAE in the next two years.
Sign up for the daily Startup Digest.