In Northern Africa, Morocco ranks third in the start-up ecosystem with its major start-up cities of Marrakech, Tangiers, Casablanca, Rabat, and Agadir. It is an emerging innovation hub and an ideal location for software & data, ecommerce & retail, and social & leisure start-ups. It is also worth mentioning that Morocco has some of the highest rates of internet connectivity on the continent; about 74% of its population have internet access which puts it at an advantage to work remotely.
Last year, start-up funding in the country reached an all-time high of $29 million. Below are the top three investments in the fintech industry.
- Inyad: Apps to grow and manage your business, Inyad is improving merchants’ day to day at scale. Founded in 2018, this fintech company is on a mission to move businesses from offline operations to the online world in Africa & the Middle East through its apps – Konnash, Takam, and Mahaal. It secured $8,000,000 in a Series A funding round in 2021.
- Yalla Xash: Fair fees money transfer is the promise from this proud, multicultural, money transfer platform operating in the USA, Canada and Morocco. It serves a large Moroccan community in these communities, allowing those abroad to transfer money back home using its app. Last year, the five-year-old company raised $675,000 in funding to expand its services to other countries.
- Konta: Founded in 2019, Konta is a business-to-business spend management start-up primarily targeting large accounts-Moroccan and international SMEs- and has positioned itself as a pioneering SaaS solution for the digital management of supplier expenditure using artificial intelligence technology. Konta secured $223, 000 in a funding round in 2021 and this would enable it to continue the premier service it proffers.
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