Moroccan fintech startup Yalla Xash, a money transfer platform operating between North America and Africa, has raised MAD6 million (US$675,000) in funding from the Maroc Numeric Fund II to extend its services to other countries.
Yalla Xash, which operates in Morocco, Canada and the United States (US), allows Moroccans abroad to transfer money back home using its app.
The startup has now raised funding to extend beyond the North America – Morocco corridor, and it intends to develop other corridors in the coming months. The funding comes from the Maroc Numeric Fund II.
“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 US$700 billion per year,” said Dounia Boumehdi, managing director of MITC Capital, the management company of Maroc Numeric Fund II.
“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.”