EIB reinforces investment in Egyptian Fintech Sector

CAIRO - 16 May 2023: The European Investment Bank (EIB) is looking forward to further collaborations with Egyptian growth companies, and confirming new investment in the region's Fintech ecosystem in the coming months, Vice-President of the EIB, Gelsomina Vigliotti announced.

 

This came during Vigliotti’s visit to Money fellows, as a part of the EIB's initiative to explore investment opportunities in Egypt, supporting sustainable financial inclusion in the country. 

 

The visit also included prominent private equity leader and key investor in Money Fellows, Sawari Ventures.

 

"We are glad to see first-hand how we are supporting Money Fellows, a great example for other companies in the Arab region, and a fintech leader that shares our vision for developing individuals’ financial well-being, especially during turbulent economic times,” Vigliotti commented.

 

Money Fellows is the sole Fintech company in EIB’s visit, which serves as a testament to the company' solid positioning and unparalleled disruption of the Fintech sector. Money Fellows’ digital rendition and innovative approach of the traditional ROSCA model, also known as "Gameya" in the Arab region, enables consumers to access affordable credit and savings, making it an attractive investment prospect.

 

For his part, CEO of Money Fellows, Ahmed Wadi, expressed his excitement about the visit, saying that his company is honored to be selected by the European Investment Bank for this exclusive visit. It's a testament to the company;s success and the hard work the team has put in to make a difference in the Fintech industry and facilitating financial inclusion in Egypt. 

 

“We are confident that the EIB's visit will have a significant impact on the sector and the movement towards financial inclusion, and we are proud to be at the forefront of it," Wadi added.

 

Since its inception, Money Fellows has raised $42.8 million in total capital, with its most recent fund of $37.2 million in Series B round closing.