West african fintech startup Julaya raises $5m extension round to expand its operations
Julaya, a fintech stratup based in Côte d’Ivoire, Senegal and France, announced it has raised $5 million extension round led by European venture capital fund Speedinvest to expand its operations in West Africa.
Julaya is a B2B digital account that enables companies 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 their 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 companies to improve operational efficiency by digitizing their payments to multiple unbanked workers and suppliers. Julaya “Cash & Collect” solution allows fast and secured cash collection, especially in the FMCG sector. More than 500 SMBs, startups, large corporates and government institutions, including famous 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 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’s 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 investment from its own CFO and country manager in Senegal.
Proceeds from this financing round will enable Julaya to expand in the West African market, open Benin, Togo and Burkina Faso offices, hire multicultural talents and boost product development.
Mathias Léopoldie, CEO and Co-founder, Julaya: ''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.''
Enrique Martinez-Haussmann, Principal, Speedinvest: ''Julaya's technology is fundamentally changing how companies operate in an increasingly complex payment landscape across Francophone Africa. As we look ahead, the potential for Julaya's technology goes far beyond its payment capabilities, having the opportunity to become a close banking partner for companies in West Africa.''
Since the announcement of Julaya’s pre-Series A funding in June 2021, the fintech launched its Dakar office and extended the features of its product, now enabling African companies to make cash collection. Transactions and revenue have grown +500% year on year.