Yalla Xash a Morocco-based Fintech startup, has closed a $675K Series A funding round from the Maroc Numeric Fund II
Founded in 2018, Yalla Xash is a money transfer platform that enables money transfers to Morocco from North America. The technology and logistics developed by Yalla Xash aim to facilitate transfer operations, increase speed, guarantee confidentiality, ensure security and reduce costs
Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, commented “We were impressed by the quality of Yalla Xash’s service, its proximity to its customers, as well as by the perspectives offered by this fintech which has been able to establish a reputation in a very short time in a global market of remittances estimated at more than USD 700 billion per year. Moreover, this solution has a significant societal impact as it allows this population of residents abroad to keep a connection with their loved ones and accompany them in their life projects, with a limited cost and an increased speed of transfer.”
Yalla Xash will use the investment to extend its services to other countries in the coming months.