WafR, Morocco’s FinTech startup, raises $120k in a funding round

WafR, Morocco’s FinTech startup, raises $120k in a funding round

WafR, an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel, raised $120k from First Circle Capital. First Circle Capital is a venture capital fund that invests in the next generation of FinTech in Africa.

“WafR enables brands to identify customers and increase loyalty for FMCG brands through unique loyalty cash-backs, finding a way to make the incentive structure work for all the stakeholders: FMCGs, small merchants, and customers. Having witnessed the superior execution of this complex model in the market, triple-digit MoM growth in revenues, and the razor-sharp focus of the founding team, we decided to double down our investment into WafR. We look forward to their scaling in Morocco and the expansion in the rest of Francophone Africa.”  Selma Ribica, Co-Founder and Managing Partner of First Circle Capital, said.

This investment will enable WafR to expand its network of grocers and reach 50,000 active partner grocers within six months. The startup recently raised $455k earlier this year and First Circle Capital was among the participating investors in that round.

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