Waribei raises €750,000 to expand its digital platform, improving financial access for SMEs and retailers across West Africa.
Waribei, a fintech startup based in Côte d’Ivoire, has raised €750,000 ($821,000) in pre-seed funding from Mstudio and Saviu Ventures. This funding will allow Waribei to expand its digital platform and streamline financial transactions between retailers, wholesalers, and banks across Francophone West Africa.
While, the platform addresses a major regional issue: limited access to working capital for small and medium-sized businesses (SMEs). Most retailers are cash-strapped and find it difficult to order stock to replenish it. Waribei’s digital platform links these businesses with banks and microfinance institutions to provide actual-time payment terms and enhanced entry to credit. In this way, it allows SMEs to remain stocked and keep on growing.
Digital Platform Waribei Secures Key Investment to Tackle Cash Flow Challenges
Co-founder Ladislas Pham also stressed the need to meet the demands of local enterprises. “We listen to retailers and wholesalers, getting involved in their activities to appreciate the challenges they face,” he said. By developing solutions that solve existing problems, Waribei knows that the platform’s solutions are tailored to fit the users.
Saviu Ventures is one of the most active investors in Francophone Africa. Its mission is to fund technology solutions that advance financial access. Additionally, its portfolio consists of companies like Anka, Julaya, and Lapaire that are involved in increasing financial inclusion.
With this new funding, Waribei aims to expand its digital offering and market in Côte d’Ivoire. In addition, the startup envisions branching out across Francophone West Africa to help fill the credit deficit for SMEs and stimulate economic growth.
Ultimately, Waribei’s funding is a breakthrough towards its goal of revolutionizing the financial services of SMEs in West Africa. However, one of the biggest problems affecting retailers in the region has been managing cash flows and credit. As a result of this development, the platform will solve this problem by enhancing cash flows and make credit more available. Lastly, thanks to investors such as Saviu Ventures, Waribei is well equipped to expand its operations and positively influence the economy and financial systems of the Francophone West Africa region.
