Moroccan startup WafR has raised more money than expected in its first major funding round. The investment was led by LoftyInc Capital, Attijariwafa Ventures, and Al Mada Ventures, with longtime backers UM6P Ventures and First Circle Capital also joining in.
WafR helps small local shops offer digital services like mobile top-ups, payments, and other everyday financial services. The company already works with about 20,000 stores across Morocco, serving tens of thousands of customers who are using and sticking with the service.
The new money will let WafR grow its network of shops and add more services, making local stores important hubs for Morocco’s digital finance system.
Co-founders Ismail Barkash and Reda Sellak said this investment is a key step for the company. They added that having well-known investors on board will give them experience and connections to help WafR grow and have a bigger social and economic impact.
WafR wants to help small shop owners earn extra income while giving local communities easier access to money services. WafR plans to use the funding to improve its technology, expand to new areas, and play a bigger role in Morocco’s digital economy.
