WafR, a fintech startup dedicated to improving financial access in Morocco, has successfully raised $1.5 million in a seed funding round. The investment was backed by 18 investors from three continents, including Kili Ventures, a firm known for supporting innovation in Africa’s tech landscape. This funding will enable WafR to further develop its platform and expand its network of small traders who are transforming into financial hubs for local communities.

Innovating Financial Access in Morocco

Launched in 2020 by Ismail Bargach, and Reda Sellak, WafR is addressing the challenges of financial inclusion in Morocco, where cash transactions dominate and only one-third of adults have a bank account. The company’s model focuses on leveraging the country’s extensive network of informal traders to provide essential services such as mobile top-ups, money transfers, and cash-in/cash-out operations. By empowering small merchants, WafR is helping bridge the gap in financial service provision, particularly in areas where formal banking outlets are sparse.

With a population of 38 million and just 7,000 specialized outlets available for financial transactions, WafR is expanding its reach to serve customers in underserved regions. Through its technology, WafR is transforming small traders into access points for financial services, much like the model used by M-Pesa in Kenya.

Rapid Growth and Expansion Potential

Since its inception, WafR has experienced impressive growth. The platform currently boasts 8,500 active traders each month, with a 29% month-on-month growth rate. The company aims to scale its network to 100,000 traders, further solidifying its role as a key player in Morocco’s financial ecosystem. This rapid expansion highlights WafR’s potential to drive substantial change in the financial inclusion space.

The fintech startup is also gaining recognition beyond Morocco. In December, it was selected for Nigeria’s Visa Accelerator Program, which further bolsters its credibility and growth prospects. With the new funding round, WafR is poised to strengthen its position and scale its operations across Morocco, expanding access to financial services for millions.

Kili Ventures: Backing Innovation in African Fintech

Kili Ventures, a leading investor in African tech, is one of the prominent backers of WafR’s seed funding round. Known for supporting startups that address critical infrastructure needs, Kili Ventures sees WafR as a key player in the broader push for financial inclusion across the African continent. The firm’s Managing Partner, Davide Rovera, expressed confidence in WafR’s model, recognizing its ability to democratize access to financial services through innovative technology.

Kili Ventures’ involvement in the round aligns with its mission to promote and support impactful fintech solutions in Africa. The firm’s active role in the funding round also underscores its commitment to helping startups scale and reach new markets. As part of its strategy, Kili Ventures aims to complete 6-10 investments in 2025, with a focus on companies like WafR that are driving positive change in emerging markets.

A Growing Market with Enormous Potential

WafR operates in a market with an estimated value of $16.5 billion in Morocco, including mobile phone top-ups, national remittances, and international remittances. The growth potential is significant, especially in a country where card payments account for only 9% of transactions. As WafR continues to scale, it has the opportunity to capture a larger share of this market by providing a much-needed alternative to traditional banking services.

The company’s model not only addresses the lack of access to formal financial institutions but also taps into the growing demand for mobile financial services in Africa. The rise of mobile payments, as demonstrated by M-Pesa in Kenya, highlights the significant potential for fintech to drive economic transformation on the continent.

WafR’s success in raising $1.5 million in seed funding marks an important step forward in improving financial inclusion across Morocco. With backing from Kili Ventures and other international investors, the startup is well-positioned to scale its operations and drive innovation in the fintech space. As WafR continues to grow, it offers a promising solution to the challenges of financial access in Morocco and could serve as a model for other markets across Africa.