Gwala, an innovative fintech company that provides earned wage access to employees in Morocco, has secured pre-Seed funding. This marks a significant milestone in the company’s growth and will be used to further expand its services and bring financial freedom to more workers in Morocco.
Gwala was founded by Mossaab Abaouz (Simo). With a mission to improve the financial well-being of all Moroccans, Gwala has revolutionized the way employees access their earned wages in Morocco by providing real-time access to their pay without having to wait for payday. This unique platform is designed to be secure, accessible, and easy to use, making it an ideal solution for workers in Morocco and beyond.
“We’re thrilled to close this pre-seed funding round and to have the support of such a passionate group of investors,” said Simo, CEO, and co-founder of Gwala. “This investment will enable us to continue our mission of empowering Moroccans with the financial freedom they deserve and to build the future of work in Morocco.”
Employees in Morocco get paid on a monthly basis, leaving them vulnerable to unexpected expenses, urgent bills, or the need to take on debt or borrow from family and friends to make ends meet. Gwala partners with employers to enable a financial wellness suite that increases productivity, engagement, and retention while having no impact on the company’s cash flow.
Gwala’s pre-Seed funding round was led by a group of prominent investors who share the company’s vision and mission. The funding will be used to develop the platform further, expand its reach, and hire new talent to support the company’s growth toward making a real difference in the financial lives of people across Morocco.
“Gwala is at the forefront of financial innovation in Morocco, and we believe that the company has the potential to change the financial landscape of the country,” said one of the lead investors. “We’re excited to be a part of Gwala’s journey and to support the company in its mission to improve the financial well-being of Moroccans.”
Also Read: Top 9 Middle Eastern Fintech Anticipated to Grow in 2023
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Last Updated on February 8, 2023 by Safiya K
