West African fintech Julaya raises US$5 million extension round to expand business
Abidjan, Côte d’Ivoire – September 21, 2022 – Julaya, a fintech based in Côte d’Ivoire, Senegal and France raised US$5M extension round led by European venture capital fund Speedinvest to expand its operations in West Africa.
Julaya is a B2B digital account that enables businesses to send and collect payments seamlessly through a digital account. With the Julaya platform, African businesses can make bulk payments through all mobile money channels, process travel or online expenses with a corporate prepaid card tailored to their needs, and easily import all transactions into their accounting system. The platform helps businesses improve operational efficiency by digitizing their payments to more employees and unbanked suppliers. Julaya “Cash & Collect” solution allows quick and secure collection of cash, especially in the grocery sector. More than 500 SMEs, startups, large enterprises and public institutions, including well-known brands such as Africa’s e-commerce giant Jumia, use Julaya as their digital account to pay their partners and collect payments.
The round was led by the European venture capital fund Speedinvest which already invested in Moove and FairMoney (Nigeria and India) and has six unicorns in its portfolio. 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. 2021 world best goalkeeper and 2022 Africa Cup of Nations Champion with Senegal, Edouard Mendy also participated in the round as his first participation in Africa. Julaya also received investments from its own CFO and country manager in Senegal.
Proceeds from this funding round will enable Julaya to expand into the West African market, open offices in Benin, Togo and Burkina Faso, hire multicultural talent and increase product development.
“African companies are eager to improve their profitability and digitizing their economy is one of the most important steps to grow their business. 90% of payments are still made in cash on the continent and Julaya is proud to be part of the fintech landscape helping businesses succeed better. » said Mathias Léopoldie, CEO and co-founder.
Julaya’s technology is fundamentally changing how companies operate in an increasingly complex payments landscape across Francophone Africa. Showing
going forward, the potential for Julaya’s technology goes far beyond the ability to pay, and has the opportunity to become a close banking partner for companies in West Africa. » said Enrique Martinez-Haussmann, principal of Speedinvest.
« I believe that helping companies transition to user-friendly digital solutions makes a real difference in their daily activities. I am confident that the talented team at Julaya will play a crucial role in the rise of digital financial solutions in Africa. » added Edouard Mendy.
Since the announcement of Julaya’s pre-Series A funding in June 2021, the fintech launched its Dakar office and expanded the features of the product, which now enables African companies to raise cash. Transactions and revenue have grown by 500% year-on-year.
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About Julaya
Julaya was founded in 2018 by Mathias Léopoldie and Charles Talbot. They both previously worked at French payments fintech LemonWay on their service in Mali and Burkina Faso. Julaya has three offices: R&D and IT teams in Paris (France), operational offices in Abidjan (Côte d’Ivoire) and in Dakar (Senegal). It employs 50 people in all offices. It previously raised US$250,000 in 2018 and US$550,000 in 2019/2020 with business angels, as well as US$2 million in 2021 with venture capital funds.
Press contact:
Jessica BROUGH
+225 07 01 10 97 84
