Morocco’s WafR has raised $4 million in an oversubscribed seed round, co-led by pan-African venture capital firm LoftyInc Capital, as the fintech scales efforts to expand access to financial services through neighbourhood corner stores.
The round was also co-led by Attijariwafa Ventures and Almada Ventures, with participation from existing investors UM6P Ventures and First Circle Capital, the companies said.
Founded to digitise airtime sales and bill payments, WafR operates through a network of nearly 20,000 active corner stores, or “hanouts,” converting them into last-mile distribution points for financial services. The company plans to expand into peer-to-peer transfers and nationwide remittances.
“We are proud to co-lead this round and champion WafR’s bold mission,” said Mariam Kamel, a partner at LoftyInc Capital, adding that the investment aligns with the firm’s focus on founders addressing core financial inclusion gaps.
The deal marks one of the first investments from LoftyInc’s newly launched Alpha Fund, which targets late-seed and Series A startups to bridge what the firm describes as a “graduation gap” that limits access to growth capital for promising African companies.
“The entry of these investors is a pivotal milestone,” said Ismail Bargach, chief executive and co-founder of WafR, citing their fintech experience and regional networks as key to scaling the business.
LoftyInc has backed several high-profile African fintechs, including Flutterwave and Moove in Nigeria and Wave in Senegal, and is expanding its focus in North and Francophone Africa.