Côte d’Ivoire’s state-backed investment arm, CDC-CI Capital, has injected 800 million CFA francs, roughly $1.4 million, into local payments startup Julaya via a convertible bond agreement signed on October 17, 2025.
The capital is earmarked to bolster Julaya Côte d’Ivoire’s product roadmap and help the company win new customers across the region.
The timing matters. Julaya secured formal Payment Establishment status from the Central Bank of West African States, BCEAO, in May 2025, a regulatory green light that makes commercial expansion and partnerships easier.
Founded in 2018, Julaya serves more than 1,000 clients ranging from small merchants to larger enterprises. The new financing gives the startup room to scale operations now that it has the licensing in place.
Also read, Fintech Startup Julaya extends its Pre-series A Round by $5M
CDC-CI Capital’s move is part of a concerted push by the public fund to channel capital into national tech players this year. Earlier in October, it took an equity stake in healthtech Ades, and in 2025, it also backed fintech Djamo.
The fund is financed largely through the World Bank-supported PCCET programme and its deal flow shows a clear preference for platforms that strengthen payments, health and financial inclusion locally.
Using convertible bonds instead of straight equity gives both sides flexibility. Julaya gets near-term working capital without immediate dilution, while CDC-CI can convert into equity later if the business hits milestones.
That structure can speed deployment of funds and is well-suited to early-stage growth plays that need runway for product development and client acquisition.
In similar public interventions, these transactions serve two purposes. They inject scarce local growth capital and they send a signal to private investors that the state is willing to back promising domestic champions.
At the same time, public funding can only do so much. Startups still need to prove unit economics, tighten customer retention, and attract follow-on private checks to build defensible scale beyond their home market.
There are also risks to watch. Convertible bond repayments and future conversion terms need clarity, especially if market conditions shift.
Regulators and banks that underwrite or hold these instruments will need transparency on portfolio quality. For Julaya, the next test will be converting the regulatory win into sustained revenue growth and margin improvement.
Overall, CDC-CI Capital’s bet on Julaya is another example of African public funds stepping into the equity and quasi-equity gap.
If the fund’s broader strategy succeeds, it could help create more homegrown payment rails rather than leaving that infrastructure to foreign players.
For founders and investors, the immediate takeaway is practical: with local capital now available on acceptable terms, talented teams have a better chance to scale regionally.
This post first appeared on Launch Base Africa.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates
