CASHPLUS, Morocco’s main fintech and monetary providers community, has raised €57 million fairness funding from IFC, the Mediterrania Capital, and FMO, the Dutch Entrepreneurial Improvement Financial institution, to broaden its fintech-driven department community inside Morocco and globally.
With the funding, CASHPLUS will broaden its supply of world remittances, digital transfers, invoice settlements, and different trendy fee options in each Morocco and Europe and improve its product providing, with particular emphasis on growing its M-Pockets software, already utilized by a couple of million folks.
In line with Nabil Amar, Chairman of the Board of Administrators of CASHPLUS Group, “For twenty years, CASHPLUS has been a beacon of belief, technological innovation, and monetary inclusion in Morocco. With over 3600 POS and our relentless innovation, we’re happy with our roots. We prolong our heartfelt gratitude to our companions: IFC, Mediterrania IV fund, and FMO. Hand in hand, we stride in the direction of shaping a extra inclusive and affluent future.”
Of the €57 million, IFC is offering €10 million, the Mediterrania Capital IV fund, which is managed by Mediterrania Capital Companions, is investing €30 million, and FMO is investing €17 million. IFC will even present advisory providers to assist CASHPLUS’s technique to advertise extra girls to senior administration positions.
IFC’s investments embrace fairness and debt, threat mitigation devices, coupled with advisory providers to assist elevated entry to finance within the nation. IFC’s monetary establishment companions in Morocco embrace banks, insurance coverage, and microfinance establishments. The full worth of IFC’s commitments within the monetary sector reached $188 million between FY20 to FY23.
IFC dedicated US$1.33 billion in Morocco and an energetic advisory portfolio of $16.7 million between FY19 and FY22. IFC helps Morocco’s non-public sector in key areas reminiscent of entry to finance, renewable vitality, regional integration, gender inclusion, and job creation.
“We’re thrilled to be a part of this challenge alongside our long-time companions, IFC and FMO. CASHPLUS is an organization that we all know effectively and that totally embodies Mediterrania’s mission of enhancing folks’s lives via accountable investments,” mentioned Albert Alsina, Founder and CEO at Mediterrania Capital Companions. “With a powerful observe document of selling monetary inclusion and offering entry to important monetary providers to underserved communities in Morocco, CASHPLUS is an revolutionary firm with a robust imaginative and prescient. Along with IFC and FMO, we intention to assist CASHPLUS to broaden its attain and improve its providers, in the end benefiting the folks of Morocco and fostering financial empowerment.”
Based in 2004, CashPlus specialises in home and worldwide cash transfers and likewise presents foreign money trade, on-line funds, taxes and a complete portfolio of inclusive monetary merchandise. Because it started operations, Money Plus has shaped partnerships with main worldwide cash switch gamers together with Western Union, MoneyGram, Cash Trans, Cash Trade and RIA in addition to growing its personal nationwide cash switch service below the Money Plus model. In 2015, Money Plus accomplished the acquisition of Eurosol and have become the second-largest cash switch firm in Morocco and the biggest unbiased one.
“Entry to finance in rising markets like Morocco is important to create financial alternatives,” mentioned Makhtar Diop, IFC Managing Director. “IFC’s funding in CASHPLUS will assist the corporate to supply its a couple of million clients with enhanced monetary options, contributing to better monetary inclusion in Morocco.”
CASHPLUS combines know-how with finance, providing digital funds alongside its 3,600 bodily service places in Morocco. The corporate additionally needs to scale up its remittance enterprise funds again to Morocco. In 2022, remittances constituted over 8 p.c of the nation’s GDP, underlining their financial significance.