CASHPLUS, Morocco’s leading fintech and financial services network, has raised €57 million equity investment from IFC, the Mediterrania Capital, and FMO, the Dutch Entrepreneurial Development Bank, to expand its fintech-driven branch network within Morocco and globally.
With the funding, CASHPLUS will expand its delivery of global remittances, digital transfers, bill settlements, and other modern payment solutions in both Morocco and Europe and enhance its product offering, with special emphasis on developing its M-Wallet application, already used by more than one million people.
According to Nabil Amar, Chairman of the Board of Directors of CASHPLUS Group, “For two decades, CASHPLUS has been a beacon of trust, technological innovation, and financial inclusion in Morocco. With over 3600 POS and our relentless innovation, we’re proud of our roots. We extend our heartfelt gratitude to our partners: IFC, Mediterrania IV fund, and FMO. Hand in hand, we stride towards shaping a more inclusive and prosperous future.”
Of the €57 million, IFC is providing €10 million, the Mediterrania Capital IV fund, which is managed by Mediterrania Capital Partners, is investing €30 million, and FMO is investing €17 million. IFC will also provide advisory services to support CASHPLUS’s strategy to promote more women to senior management positions.
IFC’s investments include equity and debt, risk mitigation instruments, coupled with advisory services to support increased access to finance in the country. IFC’s financial institution partners in Morocco include banks, insurance, and microfinance institutions. The total value of IFC’s commitments in the financial sector reached $188 million between FY20 to FY23.
IFC committed US$1.33 billion in Morocco and an active advisory portfolio of $16.7 million between FY19 and FY22. IFC supports Morocco’s private sector in key areas such as access to finance, renewable energy, regional integration, gender inclusion, and job creation.
“We are thrilled to be part of this project alongside our long-time partners, IFC and FMO. CASHPLUS is a company that we know well and that fully embodies Mediterrania’s mission of improving people’s lives through responsible investments,” said Albert Alsina, Founder and CEO at Mediterrania Capital Partners. “With a strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASHPLUS is an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASHPLUS to expand its reach and enhance its services, ultimately benefiting the people of Morocco and fostering economic empowerment.”
Founded in 2004, CashPlus specialises in domestic and international money transfers and also offers currency exchange, online payments, taxes and a comprehensive portfolio of inclusive financial products. Since it began operations, Cash Plus has formed partnerships with major international money transfer players including Western Union, MoneyGram, Money Trans, Money Exchange and RIA as well as developing its own national money transfer service under the Cash Plus brand. In 2015, Cash Plus completed the acquisition of Eurosol and became the second-largest money transfer company in Morocco and the largest independent one.
“Access to finance in emerging markets like Morocco is vital to create economic opportunities,” said Makhtar Diop, IFC Managing Director. “IFC’s investment in CASHPLUS will help the company to provide its more than one million customers with enhanced financial solutions, contributing to greater financial inclusion in Morocco.”
CASHPLUS combines technology with finance, offering digital payments alongside its 3,600 physical service locations in Morocco. The company also wants to scale up its remittance business payments back to Morocco. In 2022, remittances constituted over 8 percent of the country’s GDP, underlining their economic significance.