Cairo-based fintech ElGameya has raised a seven-figure USD investment round to strengthen its position in Egypt’s growing digital savings circles market. The round was led by AYADY for Investment and Development (Egypt), with participation from Jedar Capital (US), Cubit Ventures (Egypt), Ventures Notes, P-Maestro, and a group of local and international angel investors.

Founded in 2020 by Ahmed Abdeen, ElGameya digitizes ROSCAs (Rotating Savings and Credit Associations) — a traditional savings model widely used in Egypt and other emerging markets. The company’s app allows users to join customizable savings circles with secure, transparent transactions.

A Fintech Solution for an Age-Old Practice

ROSCAs, known locally as gameya, have long been a cornerstone of informal finance in Egypt, particularly for underserved communities. ElGameya’s digital approach modernizes the system, offering flexible terms for savings and credit, catering to needs such as education, marriage, or small business financing.

The startup claims one million registered users and partnerships with 150+ companies and schools, reporting 50% month-on-month growth over the past year. The new funding will fuel further expansion and product development.

Osama Saleh, Chairman of AYADY, said the investment aligns with the firm’s focus on fintech solutions that address real financial inclusion gaps.

Meanwhile, Amr Aboulazm, ElGameya’s Founding Chairman, sees the round as a step toward establishing the company as a regional leader in digital savings.

Hazem Kamel, Managing Director of Private Equity at NI Capital (AYADY’s investment manager), highlighted ElGameya’s market insight and execution capability as key factors in the investment decision.

ElGameya’s funding comes shortly after MoneyFellows, another Egyptian ROSCA-focused fintech, raised $13 million in a pre-Series C round led by Al Mada Ventures and Nclude Fund by DPI. MoneyFellows, which has secured over $60 million to date, plans regional expansion into Morocco and is moving into cards, insurance, and remittances — positioning itself as a neobank competitor.

The back-to-back funding rounds signal rising investor interest in Egypt’s fintech sector, particularly in startups digitising traditional financial practices. With financial inclusion still a challenge in the region — where 67% of Egyptians remain unbanked, according to the World Bank — digital ROSCAs present a scalable solution.

What’s Next?

ElGameya’s focus remains on deepening its Egyptian footprint, but the fresh capital could pave the way for broader regional ambitions. As competition heats up, the key differentiators will likely be user trust, product innovation, and strategic banking partnerships.

For now, Egypt’s digital savings circle market is far from saturated, and with fintech adoption accelerating, both ElGameya and MoneyFellows are well-positioned to capitalize on the trend.