Gwala, an innovative fintech firm in Morocco that enables employees to have immediate access to their earned salary once transferred, allowing them to have a better understanding of their money and increase their financial literacy, while also assisting its partner firms in offering financial wellness perks to attract and retain personnel, has received pre-Seed funding.
This is a key milestone in the company’s growth, and it will be utilised to extend its services and provide financial independence to more Moroccan workers.
Mossaab Abaouz (Simo), a former computer science student at Stanford University who just returned to Morocco to develop the company, founded Gwala in 2022. Gwala, with a purpose to increase financial well-being for all Moroccans, has transformed the way employees in Morocco access their earned earnings by offering real-time access to their salary without having to wait for payday. This one-of-a-kind platform is designed to be secure, accessible, and simple to use, making it a great alternative for Moroccan workers and others.
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“We’re thrilled to close this pre-seed funding round and to have the support of such a passionate group of investors,” said Simo, CEO and co-founder of Gwala. “This investment will enable us to continue our mission of empowering Moroccans with the financial freedom they deserve and to build the future of work in Morocco.”
Employees in Morocco are paid monthly, leaving them subject to unexpected expenses, unanticipated debts, or the need to incur debt or borrow from family and friends to make ends meet. Gwala collaborates with companies to provide a financial wellness suite that boosts productivity, engagement, and retention while having no negative impact on the company’s cashflow.
According to a Visa research, 79% of employees would prefer an employer who provides rapid income access over one who does not. As it becomes more difficult to attract top talent, businesses across industries are eager to integrate Gwala in order to improve their employees’ financial well-being and strengthen their loyalty.
A group of famous investors that share Gwala’s vision and objectives led the pre-Seed investment round. The funds will be utilised to further improve the platform, broaden its reach, and hire fresh talent to help the company grow and make a significant difference in the financial life of Moroccans.
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“Gwala is at the forefront of financial innovation in Morocco, and we believe that the company has the potential to change the financial landscape of the country,” said one of the lead investors. “We’re excited to be a part of Gwala’s journey and to support the company in its mission to improve the financial well-being of Moroccans.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard