Moroccan fintech Gwala secures pre-Seed funding
- Morocco-based fintech startup Gwala has raised an undisclosed pre-Seed round.
- Gwala was founded in 2022 by Mossaab Abaouz, with the aim to offer an on-demand payment solution for employees and employers. The app enables employees to have instant access to their earned wages once transferred so as to get better visibility of their finances and grow financial literacy while helping its partner corporations offer financial wellness benefits to attract and retain workers.
- The funds will go towards scaling the startup’s product, hiring talent and fuelling its expansion in its home market.
Africa continues to produce innovative fintech companies and Gwala is one of them. The Moroccan company that provides earned wage access to employees in Morocco, has secured pre-seed funding. This marks a significant milestone in the company's growth and will be used to further expand its services and bring financial freedom to more workers in Morocco and Africa.
Gwala was founded by Mossaab Abaouz (Simo), a former computer science student at Stanford University who recently returned to Morocco to build the company. With a mission to improve the financial well-being of all Moroccans, Gwala has revolutionized the way employees access their earned wages in Morocco by providing real-time access to their pay without having to wait for payday. This unique platform is designed to be secure, accessible, and easy to use, making it an ideal solution for workers in Morocco and beyond.
"We're thrilled to close this pre-seed funding round and to have the support of such a passionate group of investors," said Simo, CEO and co-founder of Gwala. "This investment will enable us to continue our mission of empowering Moroccans with the financial freedom they deserve and to build the future of work in Morocco." Gwala's pre-seed funding round was led by a group of prominent investors who share the company's vision and mission.
The funding will be used to further develop the platform, expand its reach, and hire new talent to support the company's growth toward making a real difference in the financial lives of people across Morocco.
According to one of the lead investors, Maya Horgan Famodu of Ingressive Capital "Gwala is at the forefront of financial innovation in Morocco, and we believe that the company has the potential to change the financial landscape of the country, we're excited to be a part of Gwala's journey as well."
Employees in Morocco get paid on a monthly basis, leaving them vulnerable to unexpected expenses, urgent bills, or the need to take on debt or borrow from family and friends to make ends meet. Gwala partners with employers to enable a financial wellness suite that increases productivity, engagement, and retention while having no impact on the company’s cash flow.
A study from Visa states that 79% of employees would choose an employer who offers instant salary access over one who doesn’t. As great talent becomes harder to attract, employers from various industries are excited to integrate Gwala to improve the financial well-being of their employees and increase their loyalty.