محمد يحي
- WafR raises $4 million in a seed funding round led by LoftyInc Alpha
- The round also included participation from Attijariwafa Ventures, Almada Ventures, and existing investors UM6P Ventures and First Circle Capital
- The investment will help WafR, through LoftyInc Alpha, reshape access to financial services for Moroccans
WafR, a Morocco-based fintech startup, has raised $4 million in a seed funding round led by LoftyInc Alpha, with participation from Attijariwafa Ventures and Almada Ventures, alongside existing investors UM6P Ventures and First Circle Capital.
The round marks the first investment by the newly launched LoftyInc Alpha fund and reflects its strategy to bridge the so-called “graduation gap” that prevents many promising African startups from scaling beyond the pre-seed and early growth stages.
LoftyInc Alpha targets companies in the later stages of seed funding and Series A that have demonstrated operational traction but continue to face limited access to growth capital.
The investment aims to help reshape access to financial services in Morocco through WafR’s extensive network of neighborhood shops, digitizing services such as airtime top-ups and bill payments, with plans to expand into peer-to-peer transfers and nationwide remittance services.
WafR currently operates a network of approximately 20,000 active merchants, turning these outlets into key distribution points to advance financial inclusion, particularly among underserved communities.
Commenting on the investment, Maryam Kamel, Partner at LoftyInc Capital, said:
“This investment supports our collaboration with WafR to expand access to essential financial services for thousands of underserved Moroccans, which is exactly the type of impact we aim to scale across Africa.”
Meanwhile, Ismail Barkach, CEO and co-founder of WafR, said:
“The addition of LoftyInc Capital, Attijariwafa Ventures, and Almada Ventures marks a pivotal milestone in our journey”.
He add:
” Their support goes beyond capital, bringing deep fintech expertise and strong regional networks that will be critical as we scale our impact.”
