Ivorian Fintech Waribei Secures Over $820K to Finance Small Traders
TLDR
- Ivorian fintech Waribei secures €750,000 in pre-seed funding from Mstudio and Saviu Ventures to bolster inventory financing for small traders in Africa.
- Waribei, established in 2023, facilitates connections between banks, wholesalers, and retailers via a payment platform to formalize access to working capital financing.
- The platform empowers retailers by enabling them to purchase goods, while also supporting growth in informal commerce and providing liquidity support from banks for wholesalers.
Waribei, an Ivorian fintech, has raised €750,000 ($820,462) in pre-seed funding to enhance its inventory financing solution for small traders in Africa. The funding includes €500,000 ($546,890) from Mstudio and €250,000 ($273,358) from Saviu Ventures.
Founded in 2023, Waribei connects banks, wholesalers, and retailers through a payment platform, formalizing access to working capital financing. This allows retailers to purchase goods and fosters growth within informal commerce.
The platform also offers tools to manage payment terms within traditional distribution channels, with liquidity support from banks for wholesalers. Waribei’s focus is on understanding merchants' struggles to provide tailored solutions that address their needs, helping them grow without stock or loan concerns.
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Key Takeaways
Access to capital remains a significant barrier to the growth of many small businesses in Africa—available data shows a $330 billion financing deficit for the small enterprises that make up 90% of businesses on the continent—and it’s a problem several startups and foreign investors are particularly keen to address as it promises attractive returns. By providing fast and flexible financing, Waribei supports business growth and stability, addressing a major challenge in the region’s informal economy.
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