Julaya, a PayTech company based in Côte d’Ivoire, has secured a $5m extension round as it looks to expand its operations in West Africa.
European venture capital fund Speedinvest led the investment. EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, as well as Ivorian business angel Mohamed Diabi, also invested.
Existing Julaya backers Orange Ventures, Saviu and 50 Partners joined the round.
Chelsea goalkeeper Edouard Mendy, who was also awarded 2021 world’s best Goalkeeper and 2022 Africa Cup of Nations Champion with Senegal, also invested in Julaya.
This capital injection will enable Julaya to expand in the West African market, open Benin, Togo and Burkina Faso offices, hire multicultural talents and boost product development.
The FinTech company, which also has bases in Senegal and France, is a B2B digital account that enables companies to send and collect payments through a digital account.
African businesses using Julaya can make bulk payments through all mobile money channels, process their travel or online expenses with a corporate prepaid card, and import all transactions into their accounting system.
The platform helps companies improve operational efficiency by digitising payments to multiple unbanked workers and suppliers.
Its Julaya Cash & Collect solution allows fast and secured cash collection, especially in the FMCG sector. Over 500 SMBs, startups, large corporates and government institutions use the platform to pay partners and collect payments.
Julaya CEO and co-founder Mathias Léopoldie said, “African companies are eager to improve their profitability, and digitizing their finances is one of the most important steps for them to grow their business. 90% of payments are still made in cash on the continent, and Julaya is proud to be part of the fintech landscape that helps businesses be more successful.”
Earlier in the year, fellow Côte d’Ivoire-based FinTech company Wave Mobile Money raised €90m in debt funding.
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