Morocco-based Fintech Startup WafR Secures $120,000 for Expansion

WafR, a Moroccan fintech startup, has raised $120,000 in funding from First Circle Capital, bringing the company’s post-funding valuation to more than $10 million. This is the startup’s fourth round of funding in 2022, with a total of $1.22 million raised.

First Circle Capital, a venture capital fund that invests in Africa’s next generation of FinTech, previously invested in WafR in a previous round of funding in June.

“At First Circle Capital, we want to help Fintechs in Morocco, and in Africa in general.” Following a smaller investment, we are pleased to announce a larger investment. WafR is uniquely positioned in Morocco at the intersection of retail and fintech, and it continues to innovate by connecting retail brands with an ever-expanding network of partner grocers. Furthermore, cash payments are currently king for these small retailers. Selma Ribica, Co-Founder and Managing Partner at First Circle Capital, elaborated.

After witnessing exponential growth in all of the startup’s KPIs and the founding team’s know-how, our conviction was strengthened, and we decided to more than tenfold the amount of money we had previously invested.

“At First Circle, we are optimistic about the future of WafR and eager to see how it evolves in Morocco today and in many other countries tomorrow,” she added.

Wafr, co-founded in 2018 by Ismail Bargach and Reda Sallak, digitizes cashback and in-store rewards, allowing FMCG brands and retailers to improve customer loyalty.

With this investment, WafR will be able to expand its grocer network and reach 50,000 active partner grocers within six months.

“This new round of funding reflects the ambition of the entire WafR team, which is united around a single goal: to provide the best possible support to retailers and FMCG brands,” WafR co-founder Ismail Bargach concluded.