Arab Finance: Egyptian startup Money Fellows aims to raise $100 million in two funding rounds during 2024, CEO Ahmed Wadi told Asharq Business.

The rounds will support the fintech company’s expansion in Saudi Arabia and Morocco, Wael added.

He pointed out that Money Fellows is close to contracting with international financial institutions and Arab and foreign strategic investors to obtain the financing.

Moreover, he expects this funding to be rolled out in two phases, at approximately $50 million for each, with the first phase ending before the end of next June.

Money Fellows for Financial Technology raised $31 million through a financing round at the end of 2022, led by a group of regional finance companies as new shareholders in addition to a group of existing investors.

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