Moroccan Start-Up CASH PLUS Secures $60M Funding

Mediterrania Capital Partners, a renowned 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, is delighted to announce a substantial €57 million ($60M) investment in CASH PLUS, a prominent financial services provider in Morocco. This transformative 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 even further, enabling them to expand their branch network both nationally and internationally. Furthermore, 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.

Hatim Ben Ahmed, the Managing Partner at Mediterrania Capital Partners, has voiced his excitement, stating, “We are truly enthusiastic about our partnership with the management team at Cash Plus and their ambitious growth strategy. CASH PLUS has solidified its position as one of Africa’s fastest-growing financial institutions, and Mediterrania Capital is committed to providing unwavering support to create added value for both customers and stakeholders.”

Adding to this sentiment, Albert Alsina, the Founder and CEO of Mediterrania Capital Partners, expressed his delight, saying, “We are thrilled to join forces in this endeavor, alongside our long-standing partners, IFC and FMO. CASH PLUS is a company we are intimately familiar with, and it perfectly aligns with our mission of enriching lives through responsible investments. With its impressive history of promoting financial inclusion and offering essential financial services to underserved communities in Morocco, CASH PLUS epitomizes innovation and a visionary approach. In collaboration with IFC and FMO, our goal is to support CASH PLUS in expanding its outreach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic growth.”

Nabil Amar, the Chairman of the Board of Directors at the CASH PLUS Group, expressed, “Over the course of two decades, CASH PLUS has diligently served its customers, driven by a strong commitment to innovation. With a network of over 3,600 points-of-sale, we have demonstrated our dedication to promoting accessibility and financial inclusion in Morocco. We extend our heartfelt gratitude to our esteemed partners, Mediterrania Capital Partners, IFC, and FMO, for their steadfast belief in our vision. Together, we are taking another significant stride towards progress, inclusion, and the pursuit of a brighter and more prosperous future for all.”

Mediterrania Capital Partners’ venture into CASH PLUS signifies a significant milestone for MC IV, building upon its prior investment in Laprophan, one of Morocco’s largest pharmaceutical companies, in May 2023. For the past decade, Mediterrania Capital Partners has played an active role in the Moroccan landscape, channelling investments across a diverse spectrum of sectors, including Financial Services, Retail, Education, Construction, IT, FMCG, and Healthcare. This latest investment reaffirms their unwavering commitment to nurturing growth and prosperity within the region.