Moneyfellow's founder Ahmed Wadi

by Forbes Middle East Forbes Middle East - Business News
Egypt-based fintech startup Moneyfellows has raised a $600,000 investment from a group of investors led by Dubai Angel Investors and 500 Startups, the companys founder Ahmed Wadi revealed.
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With Moneyfellows, Wadi is digitizing whats known as a money circlean informal type of finance where a group of individuals, usually friends and family, contribute money to a common fund and take turns withdrawing the total amount.
Although rarely recognized by mainstream financial institutions, money circles have long given people who lack access to the formal banking system the ability to save money and take small loans. This type of finance is known by many different names. In Egypt, its called gameya while in India, its a chit fund. In North America, it would be a rotating credit and savings association, or ROSCA.

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Created on Jan 12th 2018 01:10. Viewed 569 times.


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