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MoneyFellows is a collaborative Group Lending and Savings Platform. It is a trusted and more convenient way of finding and managing Money Circles online, by digitizing the traditional, informal offline ROSCA (Rotating Savings and Credit Association) Model, allowing users to meet their financial and saving needs. ROSCAs are found in over 90 countries worldwide, with a variety of names, such as 'Gameya' in the Arab World, 'Chit Funds' in India, 'Tandas' in Mexico and 'Committees' in Pakistan. MoneyFellows combines Saving and Credit by establishing Money Circles for users to participate in: 1 - Based on a users MoneyFellows Credit Score they can search and find a suitable Money Circle to join.2 - The Money Circle begins and all users pay a matching monthly installment, for a pre-defined number of months, placed in a common pot.3 - Each month, one member receives the total money in the common pot, until all members have received their Payout once, ending the Money Circle.For thousands of years, people have participated in offline Money Circles in the same way, facing a great number of difficulties and limitations. MoneyFellows digitizes the ROSCA model, making it more convenient, secure, manageable and automated. Users can always find available Money Circles without being limited to their social network or geographic location and with a much larger variety of Payout dates and amounts.MoneyFellows users can benefit from some of the following features:- Flexible payment options (Credit Card Salary Deduction Direct Debit Fawry Payments Cash Collection).- Guaranteed Payout dates and amounts.- Secure Money Circles, users always receive 100% of their Payout, even if other members of the circle are late or miss payments.- Smart Credit Scoring System, where users continuously build up their score to unlock higher Payouts.- A variety of benefits for employees of our corporate partners.Download the MoneyFellows app and try it out now!
Moneyfellows is a web and mobile-based platform allowing users to create, manage and track money circles online with members of their social networks. It gives access to interest-free credit & saving achievements all fully powered by social network
The company makes money by charging users a small fee when they withdraw their payout from their money circle.
Entrepreneurs and businesses
Moneyfellows claims that its has 2,600 paying users and about 240 active circles till date (Jan 2018).
The company is planning to use the funds to focus on customer acquisition and to expand its network of partners (Jan 2018).
$1M to $10M
SERIES A · $4 M · Jun 2020
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