Fintech Yalla Xash Secures $675K from Maroc Numeric Fund II
The Moroccan startup is planning new transfer corridors beyond its North America-Africa service.
Money transfer fintech startup, Yalla Xash, has secured $675,000 from the Maroc Numeric Fund II. Operating between North America and Africa, Yalla Xash’s technology and logistics aim to accelerate payment transfer operations, decrease costs, and ensure security.
It becomes the Maroc Numeric Fund II’s fourth investment, and the 21st investment of its managing team, including the investments made by the first Maroc Numeric Fund, which is currently in its divestment phase.
Yalla Xash focuses on the two main actors, the sender and receiver, serving both ends of the transfer chain. For the sender, the entire process is app-based and cancels out the middleman. The startup offers three services: App to Cash, App to Prepaid Card, and App to Bank account.
Currently, Yalla Xash is operating on the North America - Morocco corridor, but it will develop new transfer corridors in the upcoming months.
MITC Capital is the management company of Maroc Numeric Fund II, and its Managing Director, Dounia Boumehdi, stated that “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,” she continued, “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.”
The Maroc Numeric Fund acts as an active shareholder through consistent monitoring of their portfolio companies’ management and sustained strategic advice.