LoftyInc backs Moroccan fintech WafR’s $4 million seed round in North Africa push

LoftyInc Capital, a pan-African venture capital firm, has co-led a $4 million seed round in Moroccan fintech startup WafR, one of the first investments from its newly launched Alpha Fund, signaling a stronger bet on North Africa.

The round was co-led alongside Attijariwafa Ventures and Almada Ventures, with participation from UM6P Ventures and First Circle Capital.

The funding highlights Morocco’s rising profile in Africa’s venture landscape; the country’s startups raised $58 million in 2025, placing seventh on the continent for capital raised. It also signals a broader shift in fintech strategy. As capital begins flowing more deliberately across regional boundaries, investors like LoftyInc are backing infrastructure-focused startups that embed financial services into informal retail networks.

Founded in 2021 to digitise Morocco’s neighbourhood corner stores, known locally as hanouts, WafR enables merchants to offer services such as airtime sales and bill payments through a digital platform. 

The company plans to expand into peer-to-peer transfers and domestic remittances, positioning small retailers as financial access points in a market where informal commerce remains central to daily life.

“We are proud to co-lead this round and champion WafR’s bold mission,” said Mariam Kamel, partner at LoftyInc Capital. “This investment exemplifies our commitment to backing strong founders in high-potential markets who are solving foundational challenges.”

With nearly 20,000 corner stores active on its platform, WafR is building one of Morocco’s largest merchant-based fintech networks. The backing of regional investors is expected to support further product expansion and geographic scale.

“The entry of LoftyInc Capital, Attijariwafa Ventures, and Almada Ventures is a pivotal milestone,” said Ismail Bargach, WafR’s chief executive and co-founder. “Their support brings not just capital, but deep fintech experience and strong regional networks that will be instrumental as we scale our impact.”

LoftyInc said its Alpha Fund focuses on late-seed and Series A startups that have demonstrated traction but face limited access to growth capital, which the firm describes as Africa’s “graduation gap.”

The firm has previously backed fintech companies, including Flutterwave, Moove, and Wave. In North Africa, LoftyInc has also backed startups such as the Egyptian AI company WideBot, as well as Odiggo and Illa, reflecting its ongoing expansion in the region.