Morocco-based FinTech and Reward Startup,  WafR Raises $455k to Scale its Operations

Morocco-based fintech and rewards startup WafR has raised $455,000 in a round led by Launch Africa Ventures, First Circle Capital, and WeLoveBuzz, with participation from a group of angel investors to expand its network of grocers.

WafR is an application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel. The reward-based loyalty startup allows users to earn phone recharges and discounts while shopping through their phone app. In doing so, the Morocco-based FinTech startup has cracked a business model that works on economies of scale and user retention, helping brands reach their target audiences and supporting users with instant rewards based on their shopping activity.

This funding is the startup’s third round of funding this year, having raised $372k in February and $278k in April respectively; taking the total funds raised this year to $1.08 million, putting Wafr’s total valuation at $9 million.

Ismail Bargach and Reda Sellak founded WafR in 2018 to help customers find deals and discounts on a variety of products sourced from local shops.

Its vision is to provide the best possible support to retail brands. This new investment will allow the Moroccan startup to expand its network of partner grocers and grow its teams.

Commenting on the investment, Ismail Bargach, co-founder of WafR said, “We are very pleased with the group of investors we were able to secure in this new funding round and are proud of the strong growth experienced by WafR over the past 12 months.”

The funds will be utilized to support the startup’s growth and most importantly, to meet its ambition of expanding its network of grocers which currently stands at 20,000 grocery partners and aims to reach a total of 50,000, helping its FMCG customers to deliver smart promotions that will enable them to increase their market share.