Morocco-based fintech startup WafR has raised $4 million in an oversubscribed seed funding round. The company is expanding a model that turns small neighborhood stores into points where people can access everyday financial services.
The round was co-led by LoftyInc Capital, along with Attijariwafa Ventures and Almada Ventures. Existing investors UM6P Ventures and First Circle Capital also participated. WafR currently works with nearly 20,000 local merchants, known as hanouts, offering services like mobile airtime and bill payments. It plans to add peer-to-peer transfers and domestic remittances soon.
Founded in 2021 by Ismail Bargach and Reda Sellak, WafR believes that Morocco’s large network of small retail shops can help deliver financial services to people who are underbanked or mostly use cash.
LoftyInc said the investment is one of the first from its newly launched LoftyInc Alpha Fund, which targets what the firm calls Africa’s “graduation gap”, startups that have traction but struggle to secure growth capital between early and institutional stages.
Mariam Kamel, a partner at LoftyInc Capital, said: “We are proud to co-lead this round and champion WafR’s bold mission.”
WafR Chief Executive Officer Ismail Bargach said: “Their support brings not just capital, but deep fintech experience and strong regional networks that will be instrumental as we scale our impact.”
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