Yalla Xash, a Moroccan fintech firm that operates between North America and Africa, has received US$675,000 in funding from the Maroc Numeric Fund II to expand its services to additional countries.
Yalla Xash, which has offices in Morocco, Canada, and the United States (US), allows Moroccans living abroad to send money back to their homeland using its app.
The Yalla Xash solution, which was founded in 2017 by Emir Lallouche and Cedric Tamavond, is focused on the two primary actors, sender and recipient, at both ends of the transfer chain.
On the sender’s side, the entire procedure is controlled by a smartphone application available on the AppStore and PlayStore, eliminating the need for multiple middlemen to complete the transaction.
Yalla Xash’s service is divided into three categories: App to Cash, App to Prepaid Card, and App to Bank Account.
Yalla Xash is now operating along the North America-Morocco corridor, with ambitions to expand into new places in the near future.
The goal of Yalla Xash is to make money transfers an unforgettable experience.
The firm has now raised funds to expand outside the North America–Morocco route, with plans to create more corridors in the following months.
“We were impressed by the quality of Yalla Xash’s service, its proximity to its customers, and the opportunities offered by this fintech, which has established a reputation in a very short time in a global remittances market worth 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 huge societal impact because it allows this community of international residents to maintain contact with their loved ones and join them in their life projects at a low cost and with increased transfer speed.”
Read more on Tech Gist Africa:
MaxAB, an Egyptian B2B e-commerce platform, has raised $40 million in a Series A round of funding
