CEO & Founder, MoneyFellows
أحمد وادي: "Money Fellows" تصدر "جمعيات جديدة" بقيمة مليار جنيه مصري شهرياً
شركة Money Fellows حولت "الجمعية" التقليدية إلى تطبيق إلكتروني وحصلت على جولة تمويلية جديدة بـ 13 مليون دولار..
المؤسس والرئيس التنفيذي في "Money Fellows" أحمد وادي:
📌 الشركة تأسست في 2017 وتوفر حلول الادخار المجتمعي
📌 العميل الذي يستلم الجمعية أولاً يدفع رسوماً إدارية
📌 تصدر "جمعيات جديدة" بقيمة مليار جنيه مصري شهرياً
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About Ahmed Wadi
Ahmed Wadi, founder and CEO of Money Fellows, has stated that the company now launches new savings groups each month equivalent to one billion Egyptian pounds in new funds. He said the company has acquired around nine million clients to date)Skip, with close to one million active clients. Wadi noted that Money Fellows secured a $13 million funding round and that the company’s total funding has reached $60 million, attracted from foreign investors including development banks and governments. He said the company plans to invest in developing new products and reducing default risk. Wadi has described Money Fellows as a platform that digitizes the traditional rotating savings and credit association (ROSCA) model, which he said is used by an estimated 2.4 billion people globally. He stated that the company launched a prepaid card product in early 2025)Skip, and that Money Fellows entered the Central Bank of Egypt’s experimental fund regulation, describing it as the only company to do so and now in the exit phase toward an actual license. Wadi has said the company was founded in 2017, started in the UK, and moved to Egypt in 2018. He has also discussed the challenges of building a startup in an unregulated market, stating that early investors faced a high risk of losing their money.
Transcript (12 segments)
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Interviewer0:00
In Egypt, Moneyflows secured a $13 million funding round. Founded in 2017, the company provides community savings solutions and prepaid cards. Egypt's savings rate is 8% of GDP, a significant figure. There are numerous savings mechanisms, including the traditional savings group known as 'al-Gama'iya,' which is deeply ingrained in Egyptian and Arab culture. Startups have entered this market by offering services through electronic applications like Moneyflows.
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Ahmed Wadi0:36
Moneyflows is an online platform that allows customers to borrow, save, and plan their financial goals easily, securely, and simply. We were able to achieve this by adopting the concept of the traditional savings group, which has existed for centuries in over 95 countries worldwide. It's typically done with pen and paper, where people contribute to the group. Of course, many scams occur. The most important way we generate revenue is through administrative fees paid by the customer based on their role in the group. The first level is more expensive than the second, so the customer waits for the receipt, and the administrative expenses decrease. It reaches without any administrative expenses at all in certain stages, and there are stages where those who are at the end take it as if it is a negative administrative expense, similar to cash back, and they take more than what they saved.
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Interviewer1:38
When do you reach profitability?
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Ahmed Wadi1:38
We have reached profitability several times, and now since the beginning of March of this year we have reached sustainable profitability, so we will continue, God willing, from last March until now, to be profitable in Egypt. We have been able to invest and build the product, so there is no longer a need for large investments in the product. There will be investments in Egypt related to expanding the products further, and also how we can expand geographically to countries similar to Egypt.
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Interviewer2:15
What is the volume of funds that are traded through the platform?
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Ahmed Wadi2:15
We launch new universities every month, which is equivalent to a billion new pounds every month. The trading volume on our platform since we started the company is in the tens of billions. Thank God, we were also able to launch a new product at the beginning of this year, which is the MoneyFellows card. The number of active clients is close to reaching one million active clients on our platform. We have managed to acquire around 9 million clients to date, and from these nine million, we are working hard to find ways to activate a large portion of them. The nature of our clients is that they are young; the average age of our active clients is around 34 to 37 years old. We have clients with a very high average income, and we also have clients with an average income of around 25,000 pounds.
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Interviewer3:44
What is the total funding you have obtained, and where will the new round be invested?
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Ahmed Wadi3:44
The investment package, in addition to our last investment round, which raised $60 million, was attracted from foreign investors, including development banks and governments, such as development funds from France and England. We have some of the biggest banks in Europe involved, so we have major investors. With this last investment round, we want to invest more in developing new and diverse products and exploring how we can expand into new markets, specifically the Moroccan market. We've joined as an investor, which is essentially the King of Morocco's venture capital fund. This will certainly facilitate our expansion much faster in Morocco this year, God willing.
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Interviewer4:50
Regarding the cooperative model, what happens if some users default on payments?
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Ahmed Wadi4:50
We've changed the concept of the cooperative this year. The traditional cooperative deals with friends, relatives, and neighbors, so they are similar and support each other. With technology, we were able to build a large network. People don't need to know each other. We do a credit rating for everyone, so we know how to filter who gets what amount and who gets into which roles, so that we greatly reduce the risk of default for the client. After that, we enter into a contract with the client, who signs a promissory note and a contract that guarantees their rights, and also guarantees the company's rights. The completely new model was not licensed by any entity, neither the Central Bank nor the Authority, so we had to build a relationship and work with the regulatory bodies until we were able to enter something like the experimental fund regulation at the Central Bank. We are the only company that entered, and God willing, we are in the exit phase with an actual license.
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Interviewer6:01
What prompted you to create this application and how did the idea take shape?
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Ahmed Wadi6:01
I lived in Germany, studied there, and worked there. Any problem we faced personally—and most things in this world often begin with a problem someone experienced and tried to solve using technology—I needed a loan at the time. I was new to Germany, and the banks there took a very long time to build a credit rating, so they gave very low numbers. That's when I remembered, and my memory took me back. I'd always seen this organization helping so many people around me, so I thought, why can't I join an online platform while I'm in Germany and connect with people around the world?