- June 30, 2021
- Category: Investment, MNF II
Yalla Xash announces a fundraising of MAD 6 million from Maroc Numeric Fund II.
Yalla Xash is a money transfer fintech operating between North America and Africa.
The technology and logistics developed by Yalla Xash aims to facilitate transfer operations, increase speed, guarantee confidentiality, ensure security and reduce costs.
Yalla Xash solution is centered on the two main actors, sender and receiver, at both ends of the transfer chain. On the sender side, the whole process is based on a smartphone application, available on AppStore and PlayStore avoiding several intermediaries to carry out the transfers. YallaXash’s offer is based on 3 services : App to Cash, App to Prepaid Card and App to Bank account.
Yalla Xash is currently operating on the North America – Morocco corridor, and intends to develop other corridors in the few coming months. Making money transfer a unique and completely renewed experience is the credo of Yalla Xash.
This is the fourth investment of Maroc Numeric Fund II and the 21st investment of its management team, taking into account the investments made by the Maroc Numeric Fund I, which is now in the divestment phase.
Mrs. Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said: “We were impressed by the quality of Yalla Xash’s service, its proximity to its customers, as well as by the perspectives offered by this fintech which has been able to establish a reputation in a very short time in a global market of remittances estimated at more than USD 700 billion per year. Moreover, this solution has a significant societal impact as it allows this population of residents abroad to keep a connection with their loved ones and accompany them in their life projects, with a limited cost and an increased speed of transfer.”
Maroc Numeric Fund is since 2010, the reference investment fund in tech startups. The expertise accumulated by its management team has enabled the emergence of several Moroccan success stories. More than just a financial lever, Maroc Numeric Fund is a real catalyst for high-potential startups. It acts as an active shareholder by providing its portfolio companies with advice and monitoring of their management, in addition to investment, while sitting on their boards.
Advisors for this operation:
- Legal counsel : Hilmi Law Firm
- Certified Public Accountants: Expact Partners, represented by Mr. Rochdi Chmali and CTRL CPA
About Yalla Xash
Yalla Xash is a fintech operating in money transfers and remittances. Since its creation in 2018, the startup’s mission has been to facilitate the transfer of funds, while reducing its cost.
Contact Yalla Xash :
Email : contact@yallaxash.com
Website: https://www.yallaxash.com/
About Maroc Numeric Fund II
Maroc Numeric Fund II (MNF II) is an institutional fund dedicated to financing Moroccan technology startups with high growth potential. It was created as part of the Innov Invest program launched by the Caisse Centrale de Garantie (CCG), and its shareholders include CCG, Attijariwafa Bank, Chaabi Capital Investissement, BMCE Bank of Africa and MITC, the Technopark’s managing company.
MNF II is the successor to the MNF fund launched in 2010 and reaching the end of its investment period in 2016, which had made 17 investments in Moroccan technology startups in various fields.
Maroc Numeric Fund II is a limited company under Moroccan law, whose head office is located in Technopark Casablanca.