Fintech WafR Raises $4M to Expand Peer-to-Peer Transfers & Remittances
Founded in 2021, the fintech plans to expand its nearly 20,000-store network and add peer-to-peer transfers and remittances across Morocco.
Morocco-based fintech WafR has secured a $4 million oversubscribed seed round to expand its last-mile financial services network across the country. The round was co-led by LoftyInc Capital, Attijariwafa Ventures and Almada Ventures, with participation from returning investors UM6P Ventures and First Circle Capital.
Founded in 2021 by Ismail Bargach and Reda Sellak, WafR operates within Morocco’s network of neighbourhood ‘hanouts’, digitising corner stores to enable airtime sales, bill payments and other digital services. The company currently works with nearly 20,000 active merchants and plans to introduce peer-to-peer transfers and nationwide remittance services through its existing infrastructure.
WafR said the new funding will be used to expand its distribution network and broaden its financial services offering, positioning local merchants as access points for fintech services in underserved communities.
LoftyInc’s fintech portfolio includes early investments in Flutterwave and Moove in Nigeria and Wave in Senegal. Against this backdrop, WafR’s expansion strategy centres on increasing its merchant footprint and adding new transfer and remittance rails through its corner-store network, reinforcing its model of decentralised financial access.
