At Kili Ventures, we seek out bold founders tackling major challenges with scalable, tech-driven solutions. Our first investment in WafR, a Moroccan fintech, aligns perfectly with our mission: democratizing access to financial services by leveraging the existing network of small merchants.
A Massive Opportunity in an Underserved Market
Financial inclusion remains a key challenge in Morocco:
- 89% of transactions are still made in cash (World Bank Global Findex 2021).
- Only 33% of adults have a bank account (IMF Financial Access Survey 2023).
- There are just 7,000 financial service providers for a population of 38 million.
This leaves millions of Moroccans underserved. WafR’s solution? Transforming small neighborhood merchants into financial service providers, enabling mobile transactions, money transfers, and top-ups.
A Proven Business Model with Strong Traction
Inspired by the success of M-Pesa in Kenya, WafR is building the foundation for mobile financial services in Morocco. Their numbers are impressive:
- 8,500+ active merchants already using the platform.
- 29% month-over-month growth in adoption.
- A $16.5 billion addressable market, spanning phone top-ups, domestic and international remittances (ANRT & World Bank 2023).
With card payments still representing less than 9% of transactions in Morocco, the potential for mobile financial solutions is massive.
The Right Team for the Job
At the helm of WafR is Ismail Bargach, a fintech expert with experience leading high-growth ventures like Heetch and Seedstars. His deep understanding of Morocco’s financial ecosystem and his drive to build the country’s next fintech leader made this an easy investment decision.
Africa’s Fintech Boom – And What’s Next
Despite macroeconomic challenges, Africa’s tech ecosystem remains resilient. In 2024 alone, startups raised $3.2 billion across 534 deals, with fintech leading the way at 60% of total funding (Partech Africa 2024).
At Kili Ventures, we believe WafR is positioned to become a leader in Morocco’s digital financial revolution, and we are proud to support their journey. That’s why we’ve decided to participate in the $1.5m seed round, supporting the founders.
🔹 If you’re interested in learning more about WafR or joining Kili Ventures on future investments, reach out at www.kili.ventures.
