New Egyptian Crypto Startup Money Fellows Raises $31,000,000

Another decentralized finance project, Money Fellows, whose founders settled in Egypt, held a successful investment round, in which they managed to raise more than $31,000,000. They would not have been able to achieve such a result on their own, and therefore CommerzVentures and Middle East Venture Partners, along with Arzan Venture Capital from Dubai, came to the rescue.

The management of Money Fellows calls all users of the DeFi site as borrowers, contributors or planners, from which about 6% was taken one-time. Their position in the community depends on at what time of the investment round users decide to enter the project and invest their money there. It is noteworthy that the startup promises regular payments to its customers, even if certain goals were not achieved in the end.

In addition, the decentralized exchange will conduct various collaborations with Egyptian retailers so that users can have certain discounts from them and benefit from their participation in the project even more. The management of Money Fellows is not going to stop there and in the foreseeable future, platform users expect more such pleasant moments.

At the moment, the number of registered users of the Egyptian startup has already exceeded 4,500,000 people. According to representatives of Money Fellows, business turnover increased 8 times compared to 2021. They have plans to expand their territorial influence and conquer the market in Asia and Africa. In addition, the management of Money Fellows sees an increase in partners in the fields of B2C and B2B as one of the main directions of development for itself, as was done recently.

The field of DeFi (decentralized finance) has gained a lot of popularity over the past two years. In the same area, there are also many scammers who, by constructing such projects, leave their victims with nothing, and therefore you should always not forget about the risks that such investments carry.