Julaya, a FinTech startup established in Côte d’ Ivoire, France, and Senegal has announced its raising of a $ 5 million extension headed by the European venture capital fund Speedinvest for the expansion of its operation in West Africa.
Julaya is a B2B digital company that aids the receiving and accepting of payment by companies in Africa through a digital platform.
With the help of Julaya, businesses in Africa now have the means to make bulk payments through any mobile money medium, transact their travel or online expenditures with a corporate prepaid card specifically designed to meet their needs, and easily import all company’s transactions into their accounting record.
Julaya assists companies in the improvement of operational efficiency by creating a digital system for their payments to multiple unbanked workers and suppliers. With the Julaya “Cash & Collect” solution, companies can collect cash faster and more securely, especially in the FMCG sector. More than 500 SMBs, startups, government institutions, and vast corporations including well-known brands such as Africa’s e-commerce giant Jumia, use Julaya for their digital account to aid payment and collection Of revenue from their partners.
Investors in the Fund Raising
The funding round was headed by European venture capital fund Speedinvest which is an investor 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. Ivorian business angel, Mohamed Diabi and previous investors, Orange Ventures, Saviu, and 50 Partners also financed the round.
Edouard Mendy, who won the world’s best Goalkeeper in 2021 and 2022 Africa Cup of Nations Champion with Senegal, also invested in the round as his first participation in Africa. Julaya also received investment from its CFO and country manager in Senegal.
The Company’s CEO Speaks of the Funding
Yield from this financing round will be used by Julaya in the expansion of the West African market, open Benin, and offices in Togo and Burkina Faso, employ diverse talents and improve the development of the company’s products
Mathias Léopoldie, CEO and Co-founder, Julaya in a statement said ”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, and Julaya is proud to be part of the fintech landscape that helps businesses be more successful.”