LoftyInc Capital, a pan-African venture capital firm, has co-led a US$4 million oversubscribed seed round in Moroccon fintech WafR, marking one of the first investments from its recently launched LoftyInc Alpha Fund.
Attijariwafa Ventures and Almada Ventures also co-led the round, with returning investors UM6P Ventures and First Circle Capital participating.
WafR operates a platform that digitises airtime sales and bill payments through a network of neighbourhood corner stores, known locally as hanouts.
The company plans to expand its services to include peer-to-peer transfers and domestic remittances.
It currently works with nearly 20,000 active stores, which serve as physical access points for financial services.
“We are proud to co-lead this round and champion WafR’s mission,”
said Mariam Kamel, Partner at LoftyInc Capital.
“The company is addressing structural gaps in access to financial services in Morocco.”
The investment aligns with the LoftyInc Alpha Fund’s focus on late-seed and Series A-stage African startups that have shown market traction but face limited access to follow-on capital.
“The entry of LoftyInc Capital, Attijariwafa Ventures and Almada Ventures is an important milestone for us,”
said Ismail Bargach, CEO and co-founder of WafR.
“Beyond funding, their fintech experience and regional networks will support our next phase of growth.”
LoftyInc Capital has invested in several African fintech companies over the past decade, including Flutterwave and Moove in Nigeria and Wave in Senegal, and has stated that it is increasing its focus on North and Francophone African markets.
Featured image credit: Edited by Fintech News Middle East, based on image by rawpixel.com via Freepik
