Yassir, a North African “super app” providing rideshare, food delivery and banking services, has raised $150m in Series B funding.
The investment was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors.
Founded in 2017, the super app provides three core services: ride hailing, food and grocery delivery, and financial services.
An all-in-one ecosystem, the app provides its customers a single point solution for managing all of their day-to-day activities, from traveling to work to ordering groceries and meals. These services generate revenues for more than 100,000 partners, which include drivers, couriers, merchants, wholesalers, among other gig workers and vendors.
Yassir also offers financial services. The company pointed to a 2018 report by McKinsey & Company on growth and innovation in African retail banking, which found that more than half (57%) of Africa’s population lack any form of a bank account.
In addition, among African banking customers, 40% prefer digital channels for transactions. By providing consumers in Africa with a mobile banking solution, as part of a more comprehensive suite of services, Yassir said it is meeting an important need in the market, one where 50% of the population already have mobile internet access.
The company operates in six countries and 45 cities, where it is used by more than 8 million users.
Noureddine Tayebi, founder and CEO of Yassir, said, “Yassir means ‘easy’ in Arabic, and the company’s mission is to make people’s lives easy.
“In the markets where we operate, we are already having a considerable impact on how people manage their day-to-day lives. We look forward to expanding our presence into other geographies to become the first super app to achieve mass adoption.”
Earlier this year, Pan-African cryptocurrency exchange Yellow Card Financial raised $40m for its Series B funding round.
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