Moroccan fintech startup Gwala has secured an undisclosed pre-seed round raised to expand its services across Morocco and Africa.
The startup, whose product provides real time earned wage access to employees in Morocco, was founded in 2022 by Mossaab Abaouz, a former computer science student at Stanford University who recently returned to Morocco to build the company.
Gwala works by partnering with employers to enable employees to have access to their wages any time of the month.
“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.”
According to the company, this funding will be used to further develop the platform, expand its reach, and hire new talent to support the company’s growth.
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.”
As costs of living skyrocket as a result of the current economic downturn, workers are looking to stretch their income as far as possible and Gwala, with their newfound warchest, might be well placed to offer a convenient cash flow tool to the Moroccan working population.
