The Cairo-based fintech fund has joined the Moroccan B2B e-commerce startup's Series A extension, betting on its push into embedded finance and Banking-as-a-Service.
The company, which evolved from its 2012 origins as airtime credit provider Channel VAS, now processes over 31m transactions daily for 120m active monthly users.
The startup will use the seed funding to expand its B2B marketplace that buys surplus and "imperfect" produce from smallholder farmers, aiming to boost incomes and enter new markets.
The listing is the first for Morocco's non-banking financial sector and will fund a digital and physical expansion as the country aims to boost its public markets.
As the $75bn fintech submits banking licence applications in South Africa and Morocco, seasoned industry veterans are taking the helm in what could prove the company's most complex expansion yet.
