The platform enables companies to send and collect payments seamlessly through a digital account. Based in Senegal, Côte d’Ivoire and France, it has just raised 5 million dollars to open new offices in West Africa.
By editorial staff
Julaya, a fintech based in Côte d’Ivoire, Senegal and France has announced that it raised US$5M extension round led by European venture capital fund Speedinvest. The new financing will enable the company to expand in West Africa by opening offices in Benin, Togo and Burkina Faso.
“90% of payments are still made in cash on the continent”
To date, more than 500 startups, SMEs, big companies and government institutions, such as Jumia the African e-commerce giant, use Julaya to pay their partners. The startup’s transactions and revenues grew by +500% year-on-year in 2021. “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,” said Julaya CEO and co-founder Mathias Léopoldie.
EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, as well as Ivorian business angel Mohamed Diabi and previous investors Orange Ventures, Saviu, and 50 Partners also invested in the round.
“I believe helping companies transition to easy-to-use digital solutions makes a real difference in their daily activities”
For his first investment in Africa, Senegal Goalkeeper and AFCON 2022 champion Benjamin Mendy also invested. “I believe helping companies transition to easy-to-use digital solutions makes a real difference in their daily activities. I’m confident that the talented team at Julaya will play a decisive role in the rise of digital financial solutions in Africa,” added the football player.
European venture capital fund Speedinvest, which led the round, has already invested in fintech Moove and FairMoney (Nigeria and India) and has six unicorns in its portfolio.
Launched in 2018, the Julaya platform enables African businesses to make bulk payments to mobile money and mobile banking accounts. But also make their business expenses with a prepaid card and import their transactions into their accounting systems. It employs 50 people across all offices.
It has previously raised $250,000 in 2018 and $550,000 in 2019/2020 from business angels, as well as $2 million in 2021 from venture capital funds.