Cash Plus has become the first fintech to list on the Casablanca Stock Exchange, closing its initial public offering (IPO) on November 25. The transaction values the money transfer and payments startup at roughly $550m (5bn MAD), cementing its status as a significant mid-cap player in the North African market.
The IPO raised a total of $82.5m (750m MAD). The deal was structured as a mix of growth capital and shareholder liquidity, marking a partial exit for private equity firm Mediterrania Capital Partners (MCP), while the company’s founding families retained their full share count.
Here is the breakdown of the valuation, the cap table changes, and the numbers behind the listing.
The Deal Structure: Cash-in vs. Cash-out
The $82.5m transaction was split into two distinct tranches:
- Capital Increase ($44m): Money injected directly into Cash Plus to fund expansion.
- Cash-Out ($38.5m): Proceeds from the sale of existing shares.
The “cash-out” component was driven exclusively by Mediterrania Capital Partners (MCP). The private equity firm sold 1.8 million shares, representing the entirety of the secondary sale.
According to breakdown figures, MCP’s primary vehicle, MC IV Money, accounted for 83% of this sale, cashing in $31.9m, while its secondary vehicle, MCIV Morocco, took home $6.6m.
Notably, the historic shareholders — the Amar and Tazi families — did not sell a single share. Their dilution (from 38.2% each to 35.1% each) is purely a mathematical result of the capital increase, signaling long-term confidence in the stock. Both families have committed to a seven-year lock-up period.
The Cap Table Shuffle
The IPO has reshuffled the ownership structure, creating a free float of 15.5% (3.8 million shares).
Post-IPO Ownership:
- Amar Family: 35.1%
- Tazi Family: 35.1%
- MCP: 14.3% (down from 23.5%)
- Public Float: 15.5%
While the float provides liquidity, market analysts have flagged MCP’s residual stake as a metric to watch.
“There is a capitalistic element that must be monitored: the residual presence of the MCP fund,” noted one local analyst. “The document does not provide for any lock-up mechanism for these shareholders… A potential exit of the fund, even a gradual one, could lead to technical movements on the stock, especially in a limited float.”
Valuation and The “Mid-Cap” Status
Priced at $22 (200 MAD) per share, Cash Plus enters the market with a valuation of $550m. This places it well above the traditional small-cap threshold in Casablanca ($110m–$220m), positioning it as a serious institutional asset.
The pricing was derived using two primary methods:
- Dividend Discount Model (DDM): By projecting cash flows over five years, this method suggested a valuation of $628m ($27.83 per share). The IPO price of $22 represents a discount against this intrinsic value.
- Transactional Reference: Based on MCP’s entry into the capital in 2024 (at a P/E multiple of 16.3x), the valuation was modeled at $490m ($21.78 per share).
The company is positioning itself as a yield play, promising to distribute 85% of net profits as dividends annually between 2026 and 2030.
The “Phygital” Bull Case
Cash Plus operates a hybrid model. It has 5,000 physical branches (87% of which are franchised) and a digital “Super App” with 2 million users.
The growth narrative relies on using the $44m raised in new capital to expand this network and upgrade its tech stack. The company is profitable, a rarity among high-growth fintechs globally.
The Financial Trajectory:
- 2024 Net Profit: $21.56m (Actual)
- 2025 Net Profit: $26.07m (Projected)
- 2026 Target: >$29.7m
- 2030 Target: $43.67m
The Risks
Despite the successful raise, the prospectus and analysts highlight three key headwinds:
- Competitive Moat: The Moroccan payments sector is crowded. Incumbents like Wafacash and Chaabi Cash have deep banking backers. Simultaneously, the threat of international neobanks entering the market could squeeze margins on transfer fees.
- Franchise Dependency: With 87% of branches run by franchisees, Cash Plus faces a concentration risk. A misalignment of interests or service degradation in the franchise network could damage the brand’s trust — a critical currency in financial services.
- Tech OPEX: As the company pivots to its M-Wallet and Super App, cybersecurity and IT costs are rising. Delays in deployment or cost overruns could eat into the projected profitability that dividend investors are banking on.
The bottom line
Cash Plus has set a new benchmark for North African fintechs, proving that a local IPO is a viable exit route for private equity and venture capital backers. By listing at a $550m valuation, the company has skipped the “growth at all costs” narrative common in global fintech, pitching itself instead as a profitable, dividend-paying asset (aiming to pay out 85% of profits).