Moroccan Fintech Startup Yalla Xash Raises $675k
Yalla Xash has announced it raised a $675k investment from Maroc Numeric Fund II as it bids to expand across Africa.
Founded by Emir Lallouche and Cedric Tamavond in the year 2017, Yalla Xash is a Fintech startup that focuses on money transfers between North America and Africa. The startup uses a technology designed to make transfer processes easier, faster, more secure, and less expensive with the whole process 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.
Maroc Numeric Fund was launched in 2010 and has since been a go-to investment fund for software businesses with success stories coming from North Africa. The 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
Founded by Emir Lallouche and Cedric Tamavond in the year 2017, Yalla Xash solution is centered 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.
Mrs. Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, speaking on the funding said that the firm has been impressed with Yalla Xash as it focuses on Africans maintain a financial connection with loved ones abroad.
“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,” said Mrs. Dounia.
Yalla Xash is now operating on the North America-Morocco corridor and plans to expand into additional areas in the near future.