The Morocco-based FinTech and reward-based loyalty startup WafR has raised $327K from initial investors following its participation in a funding-raising TV show.
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Following an initial $40K investment (300,000 dirhams) raised during the Moroccan TV show “Who Will Invest In My Project,” Morocco-based FinTech WafR raises their official funding round capped at $372K (3.5M Dirhams) from a consortium of investors to fully support its ingenious phone recharges and E-commerce shopping tie-up. With this latest funding, the Morocco-based FinTech’s valuation has now surmounted to $3M.
Founded in 2020, the reward-based loyalty startup allows users to earn phone recharges and discount while shopping through their phone app. In doing so, the Morocco-based FinTech has cracked a business model that works on economies of scale and user retention, helping brands reach their target audiences and supporting users with instant rewards based on their shopping activity.
The FinTech industry has taken the VC world by storm global and across Emerging Venture Markets as recorded in our FinTech 2022 Venture Investment Report. Not only did FinTech raise the lion’s share of funds across all EVMs, but it was also a great driver of innovation and technological advancement. We highlight two FinTech rounds closed only this year, by cryptocurrency and digital asset exchange platform Rain and instant payment solution for the dine-in experiences Qlub. One is introducing new blockchain technology, which attracted more than $50M in investments across MENA last year with BitOasis, CoinMENA, and Sheesha Finance leading the drive, and the other is integrating yet another seamless technology to disrupt a traditional sector. In light of the almost 200% YoY growth in VC funding backing MENA-based FinTech startups in 2021, many outlooks towards the future have been adopted especially in the Open Finance & Banking areas. Startups like NymCard, Telr.com, and Tarabut Gateway have raised south of $50M to introduce integrative API for financial institutions with several other solutions like Fintech Galaxy raising Early-Stage rounds to take center stage in the near future.
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Retail shops account for 85% of sales in Morocco, while supermarkets account for 15% which provides a comfortable market positioning for WafR. Essentially, WafR acts as a loyalty solution for large retailers. The application aids manufacturers in increasing market share, sales volume, and profit by guiding consumer choice. The app allows users to get a promotion at the time of purchase/sale in order to steer their purchases toward a specific brand. WafR is set to channel its newly acquired funds to expand its retail network, with the goal of increasing the number of retail shops registered on the app from 10,000 to 50,000, according to Ismail Bargach, co-founder of WafR.
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