Fintech startups drove fundraising activity in the Middle East and North Africa region this week. Leading the charge was Egyptian fintech platform Money Fellows, which closed a double-digit growth-stage round. It was followed by Saudi Arabian fintech startup Nqoodlet and Tunisian fintech company Konnect Networks, both of which raised early-stage capital.
Egypt-based edtech platform Career 180 also raised early-stage funding. Meanwhile, Egyptian B2B medtech firm iSUPPLY secured revenue-based revolving financing, a year after its pre-Series A round.
In M&A news, UAE-based cyber-AI startup spiderSilk was acquired by CPX Holding, a regional cyber and physical security solutions provider.
Nqoodlet
Saudi Arabia-based fintech firm Nqoodlet secured $3 million in seed funding in a round led by Waad Investments, to scale its operations. The round also saw participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.
Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers a financial operating system featuring smart corporate cards, real-time expense tracking, automated VAT filing, and financial planning tools tailored to SMEs in Saudi Arabia and the GCC.
The funding will support the expansion of banking infrastructure, team growth, and deeper partnerships with banks and ecosystem players. It is also set to launch new features such as open banking integrations and automated tax reporting,
In 2021, Nqoodlet had raised $1 million in a pre-seed round.
Money Fellows
Money Fellows, an Egypt-based fintech startup, has raised $13 million in a strategic funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund to enhance and upgrade its digital platform. The round also saw participation from Partech, CommerzVentures, and other investors.
Founded in 2017 by Ahmed Wadi, Money Fellows digitizes rotating savings and credit associations (ROSCAs), allowing users to join money circles with flexible durations (6, 10, or 12 months). It allows them to make regular contributions and receive payouts according to a predetermined schedule. The service includes features such as cashback on payouts and discounts on pay-ins.
The company aims to use the fresh funding to expand into new markets, particularly Morocco, and grow the team.
The firm has so far raised $60 million in funding. It had raised $31 million in a Series B round in October 2022, which was led by CommerzVentures, MEVP, Arzan Venture Capital, and National Investment Company (NIC). Existing investors Partech, Sawari Ventures, 4DX, and P1Ventures had also invested in that round.
CPX Holding x spiderSilk
UAE-based CPX Holding, a cyber and physical security solutions provider, has acquired spiderSilk, a local cyber-AI startup, known for its exposure management platform Resonance.
The acquisition combines CPX’s threat detection and response capabilities with spiderSilk’s AI-driven product innovation and supports CPX’s international growth strategy, including in North America, Saudi Arabia, and the GCC.
Founded in 2019, spiderSilk has developed cybersecurity products that are used across public and private sectors, including autonomous SOC AI agents and a cyberintelligence platform based on a global knowledge graph.
Career 180
Career 180, an Egypt-based edtech platform, raised a six-figure investment from US-based Den VC, to support its recent expansion in Saudi Arabia. The funding round was also supported by venture studio Value Makers Studio (VMS).
Founded in 2017 by Shrouk Alaa El Din and Mohamed Akmal, Career 180 offers practical skills training and job-matching services through a SaaS-based Learning Management System (LMS).
The company aims to utilize the funding to scale its LMS, localize content in Arabic, and expand across Saudi Arabia, Oman, and Malta.
Konnect Networks
Tunisia-based fintech company Konnect Networks raised an undisclosed amount of investment in a round led by Attijariwafa Ventures to fuel expansion. The round also saw participation from Utopia Capital Management, 54 Collective, Visa, Plug and Play Tech Center, Renew Capital, Digital Africa Ventures, and Sunny Side Venture Partners.
Founded in 2021 by Amin Ben Abderrahman, Konnect offers payment links, e-commerce plug-ins, and a robust API suite for businesses of all sizes.
The funds will support the company’s expansion and innovation in the fintech space.
In 2024, Konnect had secured funding from Renew Capital.
iSUPPLY
A year after raising a pre-Series A round, Egyptian B2B medtech firm iSUPPLY has secured $3 million in Sharia-compliant revenue-based revolving financing from Bokra.
Founded in 2022 by Ibrahim Emam, Malek Sultan and Moustafa Zaki, iSUPPLY uses artificial intelligence and predictive analytics to streamline procurement and optimize inventory. It aims to address inefficiencies in the healthcare supply chain by providing a digital one-stop shop.
The funding will help the startup scale operations and expand access to underserved communities across Egypt.
Its past investors included isruptech Ventures, OneStop Capital, Axian Investment CVC, and Egypt Ventures, among others.
