Moroccan Yalla Xash Secures $675k Funding to Advance North America – Africa Service
Yalla Xash, a Moroccan fintech startup that facilitates money transfers between North America and Africa, has secured $675,000 (MAD 6 million) funding from the Maroc Numeric Fund II to expand its services to more countries.
With offices in Morocco, Canada, and the United States (US), Yalla Xash allows Moroccans living abroad to send money back to their homeland using its app.
The business has now received funds to expand outside the North America–Morocco route, with plans to establish in other countries in the coming. The money comes from Morocco’s 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.”
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