Mediterrania Capital Partners, a distinguished Private Equity firm specializing in growth investments for Small and Medium Enterprises (SMEs) and mid-cap companies across North Africa and Sub-Saharan regions, is pleased to announce a substantial €57 million ($60M) investment in Morocco’s prominent financial services provider, CASH PLUS. This transformative investment is made in collaboration with FMO, the entrepreneurial development bank from the Netherlands, and IFC, a member of the World Bank Group.
CASH PLUS has emerged as a prominent player in the financial services sector, offering a wide array of online payment and transfer services. With over 3,600 physical locations spanning Morocco, it has solidified its standing as one of the nation’s largest financial service providers. The combined €57 million equity investment is poised to propel CASH PLUS further, allowing them to expand their network of branches both nationally and internationally. Additionally, the funding will bolster the company’s digital financial services offerings, with particular focus on enhancing its M-Wallet application, which currently caters to more than 1 million customers. The overarching goal of this investment is to enhance financial inclusion throughout Morocco.
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Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, expressed his enthusiasm, saying, “We’re thrilled to be backing Cash Plus management in its ambitious development strategy. CASH PLUS has emerged as one of the continent’s fastest-growing financial institutions, and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”
Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. CASH PLUS is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASH PLUS stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASH PLUS in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”
Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group, shared, “For 20 years, CASH PLUS has been a trusted partner serving its customers with a high innovation drive and over 3,600 points-of-sale, showing our commitment to accessibility and financial inclusion in Morocco. We greatly appreciate our esteemed partners, Mediterrania Capital Partners, IFC and FMO, for their unwavering belief in our vision. Together, we’re taking another significant step towards progress, inclusion, and building a brighter and more prosperous future for all.”
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Mediterrania Capital Partners’ investment in CASH PLUS marks a pivotal milestone for MC IV, following its earlier investment in Laprophan, one of the largest pharmaceutical companies in Morocco in May 2023. Mediterrania Capital Partners has been an active presence in Morocco since 2013, with investments spanning across the Financial Services, Retail, Education, Construction, IT, FMCG, and Healthcare sectors. This latest investment reinforces their commitment to fostering growth and prosperity in the region.
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 con