Cash Plus Secures $60M Funding
To Broaden Morocco’s Digital Finance Reach
Mediterrania Capital Partners, a Private Equity firm with a specialization in fostering growth for Small and Medium Enterprises (SMEs) and mid-cap companies across the North Africa and Sub-Saharan regions, announced a substantial €57 million ($60M) investment in CASH PLUS, a prominent financial services provider in Morocco.
This investment marks a collaborative effort alongside FMO, the entrepreneurial development bank from the Netherlands, and IFC, a distinguished member of the World Bank Group.
CASH PLUS has risen as a prominent contender in the financial services sector, providing a comprehensive range of online payment and transfer solutions. With an extensive network of over 3,600 physical locations across Morocco, it has firmly established itself as one of the country’s leading financial service providers.
The substantial €57 million equity investment is set to propel CASH PLUS further, enabling them to expand their branch network both nationally and internationally. This infusion of funding will strengthen the company’s digital financial services, with a specific focus on enhancing its M-Wallet application, which presently serves a customer base exceeding 1 million individuals. The overarching objective of this investment is to advance financial inclusion throughout Morocco.