Morocco-based fintech startup WafR, has raised $120,000 from First Circle Capital, bringing the company’s post-funding valuation to over $10 million. This marks the startup’s fourth round of funding in 2022, having collectively raised $1.22 million.
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. Said Selma Ribica, Co-Founder and Managing Partner at First Circle Capital.
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,” she added.
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.
This investment will enable WafR to expand its network of grocers and reach 50,000 active partner grocers within six months.
“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.