Morocco’s fintech startup WafR has raised $120,000 from First Circle Capital, bringing the company’s post-funding valuation to over $10 million.
Armed with fresh funds, the startup will look to expand its network of clients and FMCG brands. WafR hopes to reach 50,000 active partner grocers within six months.
Co-founded by Ismail Bargach and Reda Sallak in 2018, Wafr digitises cashback and in-store rewards, enabling FMCG brands as well as retailers to improve customer loyalty.
First Circle Capital, a venture capital fund that invests in the next generation of FinTech in Africa, had already injected capital into WafR in a previous round of funding last June.
“At First Circle Capital, we want to support Fintechs in Morocco, in particular, and in Africa, in general. After a first investment, we are delighted to announce a new investment of greater size. WafR is uniquely positioned at the crossroads of retail and fintech in Morocco and continues to innovate by providing retail brands with an ever-growing network of partner grocers. Moreover, these small retailers are currently largely dominated by cash payments. After seeing exponential growth in all of the startup’s KPIs and the founding team’s know-how, our conviction was reinforced and we decided to multiply the amount of money we had previously invested by more than 10. At First Circle, we are confident about the future of WafR and look forward to the next few months to see how it evolves in Morocco today and in many other countries tomorrow,” said Selma Ribica, Co-Founder and Managing Partner at First Circle Capital.
“This new round of financing reflects the ambition of the entire WafR team, which is united around a single objective: to provide the best possible support to retailers and FMCG brands,” concluded Ismail Bargach, co-founder of WafR.
In April, WafR raised $278,000 in a funding round led by UM6P Ventures, Plug and Play, with participation from a group of undisclosed local and international angel investors. In June, it raised $455,000 in a round led by Launch Africa Ventures, First Circle Capital, WeLoveBuzz, with participation from a group of angel investors.
