ElGameya Banks New Funding, Arming It For Egypt's Fintech ROSCA Wars
ElGameya Banks New Funding, Arming It For Egypt’s Fintech ROSCA Wars
Egyptian fintech startup ElGameya has raised a seven-figure USD investment round to supercharge its bid to modernise the age-old practice of rotating savings circles, and to fend off rising competition in the digital ROSCA (Rotating Savings and Credit Association) space.
The round was led by AYADY for Investment and Development, joined by Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro, and a mix of local and international angels.
Founded in 2020 by Ahmed Abdeen, ElGameya digitises a deeply embedded financial habit in Egypt: informal, trust-based savings groups known locally as gameya.
Through its mobile app, users can join or form savings circles with customisable terms, from payout order to circle duration and contribution amount. These features help tailor ROSCAs to modern financial needs like education, weddings, or launching a small business.
With more than one million users and partnerships with 150+ companies and schools, ElGameya claims it is growing at 50% month-on-month, positioning itself as a major player in a market where an estimated 67% of Egyptians remain unbanked. For these users, digital ROSCAs offer a culturally familiar and lower-barrier entry point to structured financial services.
While ElGameya has focused its growth inside Egypt, the new funding gives it breathing room to explore regional expansion and deeper product innovation. The company’s ability to translate a socially embedded practice into a secure, transparent, and flexible fintech tool has resonated with investors seeking scalable financial inclusion models.
The raise also comes on the heels of MoneyFellows’ recent USD 13 M pre-Series C round, showing the intensifying investor appetite for ROSCA-driven models in North Africa. With MoneyFellows venturing into remittances and cards while eyeing markets like Morocco, ElGameya’s window to defend its home turf and establish regional leadership is narrowing.
Still, ElGameya appears confident. Its product-led approach, strong early traction, and focus on embedded financial behaviour give it a unique edge.
While some fintechs look to disrupt, ElGameya is modernising a system people already trust. And in a region where trust is currency, that might be its most valuable asset.
