First Circle Capital has contributed $120,000 to the Moroccan retail tech WafR, raising its post-funding valuation to over $10 million.
In total, the business has secured $1.22 million in its fourth round of funding in 2022. Ismail Bargach and Reda Sallak co-founded WafR in 2018, which digitizes cashback and in-store rewards to help FMCG businesses and retailers increase consumer loyalty.
On the strength of the recent fundraising, WafR will be able to grow its client base and FMCG brand portfolio.
WafR is now valued at $10.120 million thanks to this fresh investment. The fintech has already received money from First Circle Capital, a venture capital firm that invests in the continent’s emerging FinTech sector, in a prior round of funding in June.
Co-Founder and Managing Partner at First Circle Capital Selma Ribica claims First Circle Capital wants to help Fintechs throughout Africa, especially in Morocco.
“We are excited to announce a new, larger investment following the first one. In Morocco, WafR is in a unique position at the nexus of retail and fintech.
WafR keeps innovating by connecting retail brands with an expanding network of partner supermarkets. Furthermore, cash payments presently account for a sizable portion of sales at these tiny stores.
Our conviction was strengthened by the startup’s KPIs seeing exponential development and the founding team’s expertise, and we made the decision to increase our first investment by more than ten times.”
Selma Ribica added that First Circle is optimistic about the future of WafR and is eager to watch how it develops over the coming months in Morocco today and in several other nations tomorrow.
With this investment, WafR will be able to grow its network of grocery stores and eventually reach 50,000 active partner stores.
Ismail Bargach, the co-founder of WafR, said, “This fresh round of financing shows the ambition of the whole WafR team, which is unified around a single objective: to give the greatest possible assistance to retailers and FMCG brands.
In Africa, there are more chances for investment in fintech startups. Fintech’s potential to better the lives of its residents and generate new revenue for African economies is increasingly being recognized throughout the continent.
Over the past few years, there has been an increase in fintech enterprises. It has been simpler for start-ups to reach customers directly from their offices in many different countries across the world as everything is done online.
Since just a few nations can fund its expansion, the issue with fintech is that not everyone has access to it. Africa is one of those nations, and it has some insightful stats when it comes to investment.
Because it gives clients better ways to manage their finances, including cashback and in-store benefits, and because it connects service providers who offer financial services, fintech is significant for Africa.
These businesses may increase client loyalty by utilizing cutting-edge tools that enable consumers to save money or receive incentives when they shop in-person or online, such as WafR.
Startups like WafR offer new chances for businesses who wish to compete in the digital market, in addition to increasing consumer loyalty.
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