In a significant financial triumph, Ivory Coast-based fintech Julaya has emerged as a promising investment opportunity, yielding a remarkable 4x return for its early angel investors. The success story unfolds against the backdrop of Julaya’s recent $5 million pre-Series A funding round, bringing its total fundraising to $7 million. The round was led by Speedinvest, a European VC firm, with participation from notable investors such as EQ2 Ventures, Kibo Ventures, Orange Ventures, and Ivorian business angel Mohamed Diabi, among others.

The fresh capital injection is earmarked for Julaya’s ambitious expansion plans across Francophone West Africa, targeting countries like Benin, Togo, and Burkina Faso. The funds will also support talent acquisition and bolster product development, including the launch of a loan product catering to around 200,000 SMEs in the UEMOA area.

The decision to allow early investors to exit the business during this funding round was a strategic move, driven by an opportunity to bring in a new fund while managing dilution. This decision resulted in a substantial 4x return for the initial backers, marking a significant win for those who believed in Julaya’s vision early on.

CEO Mathias Léopoldie revealed that the company’s payment processing volume has skyrocketed, from over $1.5 million weekly in July 2017 to an impressive $7.5 million, with revenues experiencing an annual surge of nearly 500%. Notable clients such as Jumia and Sendy underscore Julaya’s growing influence in the B2B payments landscape in Francophone West Africa.

Julaya’s success isn’t confined to financial metrics alone. The startup’s innovative approach to corporate spending management distinguishes it in the market. Utilizing mobile money channels, Julaya facilitates bulk payments between businesses and their unbanked staff. Moreover, the company introduced a Mastercard-issued prepaid card designed for corporate cost management, further expanding its service offerings.

The inclusion of professional football star Édouard Mendy as an investor adds an intriguing element to Julaya’s investor base. Mendy, a limited partner in the company, exemplifies a growing trend where athletes recognize the potential of venture capital as both a lucrative investment and an opportunity to contribute to their home countries.

While Julaya’s financial returns are undoubtedly impressive, its success narrative extends beyond mere numbers. Founder Mathias Léopoldie emphasizes the importance of building a great company that creates genuine economic activity, underlining the nuanced definition of success that goes beyond financial metrics.

As Julaya continues to navigate the complex payment ecosystem in Francophone West Africa, its innovative solutions and strategic partnerships position it as a transformative force, not only in payments but potentially as a close banking partner for businesses in the region, according to Enrique Martinez-Hausmann, principal at lead investor Speedinvest. The company’s growth trajectory and investor returns underscore the pivotal role intuition, strategic decision-making, and a strong team play in shaping a fintech success story.

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