Waribei, a burgeoning fintech enterprise based in Ivory Coast, has successfully secured a pre-seed investment totaling €750,000 (equivalent to approximately $820,462) with the strategic intent of expediting the development of its novel inventory financing platform tailored for petite traders across the African continent. This substantial financial injection comprises two major contributions: a significant €500,000 ($546,890) from Mstudio and a substantial €250,000 ($273,358) from Saviu Ventures.
The infusion of capital is poised to catalyze Waribei’s foundational mission to fortify small-scale merchants by facilitating their access to additional inventory. This, in turn, is expected to amplify their sales volumes and cement the enduring viability of their commercial ventures. Furthermore, the funds will be channeled towards enhancing Waribei’s synergies with banking institutions, thereby empowering them to dispense bespoke, high-caliber services that are meticulously tailored to meet the unique demands of local business proprietors.
Waribei has articulated a clear vision to revolutionize the dynamics of informal commerce within the region, thereby unlocking a plethora of expansion possibilities for both retail and wholesale entities. “By addressing the prevalent financing shortfall, we are poised to redefine the operational landscape of informal trade in the area and catalyze new avenues of growth for retailers and wholesalers alike,” the fintech firm disclosed.
Established in the year 2023 by the entrepreneurial duo of Ladislas Pham and Frédéric Fameni, Waribei has emerged as a pivotal payment conduit that interlinks banks, wholesalers, and retailers. It essentially formalizes the procurement of working capital financing for merchandise acquisition, thereby propelling the commercial ascension of retail businesses.
Additionally, Waribei proffers a robust platform that adeptly administers payment terms within the traditional distribution networks, all underpinned by the liquidity provisioned by banks to wholesalers. Co-founder Ladislas Pham underscored the company’s initial approach of engaging closely with retailers and wholesalers, delving into marketplaces to gain a profound comprehension of their everyday challenges. This empathetic approach empowers Waribei to craft solutions that genuinely resonate with and address the core needs of these stakeholders.
“At Waribei, our core aspiration is to guarantee that merchants are able to scale their businesses seamlessly, liberated from the anxieties of stock replenishment or the hurdles of procuring loans,” he further elucidated. According to a recent study, the informal sector constitutes a substantial segment of the African economies, with a notably higher participation rate among women. Nonetheless, the paucity of financing avenues for this sector has historically led to its stagnation.
In light of this, one of the benefactors, Mstudio, affirmed Waribei’s commitment to surmounting the financing accessibility challenges faced by traders within this sector, with a particular emphasis on female entrepreneurs who confront daily struggles to sustain a steady inventory due to restricted access to conventional financing mechanisms. Hence, Waribei’s innovative financing solution is designed to stabilize the operations of small-scale traders by offering them swift and adaptable access to inventory financing.
