Yalla Xash, a Moroccan fintech startup that operates a money transfer network between North America and Africa, has received funding from the Maroc Numeric Fund II to extend its services to other countries.
Yalla Xash, which operates in Morocco, Canada, and the United States (US), allows Moroccans living abroad to send money back to their homeland using its app.
Yalla Xash solution is centered on the two main actors, sender and receiver, at both ends of the transfer chain. On the sender side, the whole process is based on a smartphone application, available on AppStore and PlayStore avoiding several intermediaries to carry out the transfers. Yalla Xash’s offer is based on three services: App to Cash, App to Prepaid Card and App to Bank account.
The startup has now raised funding to extend beyond the North America–Morocco corridor, with plans to create more corridors in the following months.
“We were impressed by the quality of Yalla Xash’s service, its proximity to its customers, as well as by the perspectives offered by this fintech which has been able to establish a reputation in a very short time in a global market of remittances estimated at more than US$700 billion per year,” said Dounia Boumehdi, managing director of MITC Capital, the management company of Maroc Numeric Fund II.
“Moreover, this solution has a significant societal impact as it allows this population of residents abroad to keep a connection with their loved ones and accompany them in their life projects, with a limited cost and an increased speed of transfer.”
Since 2010, Maroc Numeric Fund has been the reference investment fund in tech startups. The expertise accumulated by its management team has enabled the emergence of several Moroccan success stories. More than just a financial lever, Maroc Numeric Fund is a real catalyst for high-potential startups. It acts as an active shareholder by providing its portfolio companies with advice and monitoring of their management, in addition to the investment, while sitting on their boards.
