Moroccan fintech Gwala secures pre-seed increase to broaden throughout Africa

Moroccan fintech startup Gwala has secured an undisclosed pre-seed spherical raised to broaden its companies throughout Morocco and Africa.

The startup, whose product offers actual time earned wage entry to staff in Morocco, was based in 2022 by Mossaab Abaouz, a former pc science pupil at Stanford College who lately returned to Morocco to construct the corporate.

Gwala works by partnering with employers to allow staff to have entry to their wages any time of the month.

“We’re thrilled to shut this pre-seed funding spherical and to have the assist of such a passionate group of buyers,” mentioned Simo, CEO and co-founder of Gwala. “This funding will allow us to proceed our mission of empowering Moroccans with the monetary freedom they deserve and to construct the way forward for work in Morocco.”

In line with the corporate, this funding will probably be used to additional develop the platform, broaden its attain, and rent new expertise to assist the corporate’s progress. 

In line with one of many lead buyers, Maya Horgan Famodu of Ingressive Capital, “Gwala is on the forefront of monetary innovation in Morocco, and we consider that the corporate has the potential to alter the monetary panorama of the nation, we’re excited to be part of Gwala’s journey as effectively.”

As prices of residing skyrocket because of the present financial downturn, staff wish to stretch their earnings so far as doable and Gwala, with their newfound warchest, could be effectively positioned to supply a handy money move device to the Moroccan working inhabitants.