Yalla Xash has announced a MAD 6 million investment ($675,000) from Maroc Numeric Fund II. Yalla Xash is a financial business that specializes in money transfers between North America and Africa. Yalla Xash’s technology and logistics are designed to make transfer processes easier, faster, more secure, and less expensive.
Why The Investor Invested
“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 $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,” Mrs Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said.
This is Maroc Numeric Fund II’s fourth investment and the management team’s 21st overall, taking into consideration the investments made by Maroc Numeric Fund I, which is currently in the disposal phase.
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Maroc Numeric Fund has been the go-to investment fund for software businesses since 2010. The management team’s competence has resulted in the birth of various Moroccan success stories. Maroc Numeric Fund is more than a financial lever; it is a true catalyst for high-potential entrepreneurs. It acts as an active shareholder by sitting on the boards of its portfolio firms and giving guidance and oversight of their management in addition to the investment.
A Look At What The Startup Does
Founded by Emir Lallouche and Cedric Tamavond in the year 2017, Yalla Xash solution is centred 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. Yalla Xash’s offer is based on three services: App to Cash, App to Prepaid Card and App to Bank account.
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Yalla Xash is now operating on the North America-Morocco corridor and plans to expand into additional areas in the near future. Yalla Xash’s mission is to make money transfers a once-in-a-lifetime experience.
Yalla Xash money Yalla Xash money
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer