European Investment Bank VP Visits GrEEK Member Money Fellows
By: The GrEEK Campus Team (The GrEEK Campus)
On: 16 May 2023 03:05 PM
Last week Money Fellows welcomed the Vice-President of the European Investment Bank (EIB) Gelsomina Vigliotti, in its office in the Greek Campus. The visit was part of 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.
It is worth mentioning that 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.
Ahmed Wadi, CEO of Money Fellows, expressed his excitement about the visit, "We are honored to be selected by the European Investment Bank for this exclusive visit. It's a testament to our success and the hard work our 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."
Gelsomina Vigliotti, Vice-President of the European Investment Bank (EIB) also commented, "We are glad to see at 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. We look forward to further collaborations with Egyptian growth companies, and confirming new investment in the region's Fintech ecosystem in the coming months."
Since its inception, Money Fellows has achieved several milestones, including over 6 million downloads, more than 350,000 active users, and as of 2023, the company has raised $42.8 million in total capital, with its most recent fund of $37.2 million in Series B round closing.