Alya, a Moroccan fintech company offering interest-free instalment payments, has announced the successful completion of its first funding round, attracting both domestic and international investors. The investment underscores growing interest in Morocco’s burgeoning fintech sector and the potential of the Buy Now, Pay Later (BNPL) market in North Africa.
While the exact amount raised remains undisclosed, Alya confirmed participation from several prominent investors. These include Proparco, through its Digital Africa venture capital fund; Plug and Play, the US-based venture fund known for early investments in PayPal and Dropbox; and MFounders, a newly launched Moroccan fund established by Ilan Benhaim, co-founder of Veepee, and bringing together business angels from the Moroccan diaspora. Other private investors from the banking, payment processing, healthcare, and retail sectors also participated.
Founded in 2023 by Brahim Zaid, a former senior strategy consultant at Boston Consulting Group with experience in Australian private equity, Alya aims to capitalise on the increasing demand for flexible payment options in Morocco’s rapidly digitising economy. The company received regulatory approval from Bank Al Maghrib, the Moroccan central bank, in March 2024, paving the way for nationwide deployment.
Alya’s platform allows consumers to split purchases into two, three, or four interest-free instalments, providing an alternative to traditional credit. The company argues this model benefits both consumers seeking greater financial flexibility and merchants aiming to boost sales. Alya claims its solution can increase conversion rates, average order values, and customer loyalty, while also improving retailers’ working capital management.
Alya’s entry into the Moroccan market positions it as the first provider of this type of service in the country and in North Africa. It plans to launch with a network of several hundred partner merchants. The company draws parallels with global BNPL players such as Klarna, Afterpay, and Apple Pay, expressing ambitions to become a regional leader and modernise the payment landscape.
The involvement of MFounders highlights a broader trend of diaspora investment in Moroccan startups. Launched in July 2024, MFounders is an investment club comprising successful Moroccan entrepreneurs from around the world. Led by Mr Benhaim and Karim Amor, President of CGEM’s Moroccans of the World Commission, MFounders aims to provide early-stage funding (between $50,000 and $500,000) and mentorship to promising Moroccan ventures, facilitating their access to larger investment rounds and international markets.
MFounders’ participation in fintech startup Alya ’s funding round demonstrates its commitment to supporting innovative Moroccan businesses with international potential. By connecting startups with experienced investors and business leaders from the diaspora, MFounders seeks to create a robust ecosystem for entrepreneurship and drive economic growth in Morocco. The fund aims to build a diverse portfolio of successful investments in the coming years, showcasing the potential of Moroccan innovation on the global stage.