Morocco’s fintech startup Gwala has secured an undisclosed pre-seed round.
Founded in 2022 by Mossaab Abaouz, Gwala provides an on-demand payment solution for employees and employers. The app enables employees to have instant access to their earned wages once transferred to get better visibility of their finances and grow financial literacy while helping its partner corporations offer financial wellness benefits to attract and retain workers.
The funds will go towards scaling the startup’s product, hiring talent and fuelling its expansion in its home market.
Speaking on the funding, Abaouz said, “We’re thrilled to close this pre-seed funding round and to have the support of such a passionate group of investors. This investment will enable us to continue our mission of empowering Moroccans with the financial freedom they deserve and to build the future of work in Morocco.”
Gwala’s pre-Seed funding round was led by a group of prominent investors who share the company’s vision and mission. The funding will be used to further develop the platform, expand its reach, and hire new talent to support the company’s growth toward making a real difference in the financial lives of people across Morocco.
“Gwala is at the forefront of financial innovation in Morocco, and we believe that the company has the potential to change the financial landscape of the country,” said one of the lead investors. “We’re excited to be a part of Gwala’s journey and to support the company in its mission to improve the financial well-being of Moroccans.”
