Moroccan fintech firm Gwala has raised an undisclosed amount in pre-seed funding to extend its real-time earned wage access platform to more workers in Morocco and Africa. Gwala, founded by former Stanford computer science student Mossaab Abaouz (Simo), provides a secure, accessible, and easy-to-use platform for employees to access their earned wages in real-time, rather than waiting for payday. The funding round was led by investors who share Gwala's mission of empowering Moroccans with financial freedom. The funds will be used to expand the platform and hire new talent. According to Visa, 79% of employees would prefer an employer who offers instant salary access, making Gwala an attractive solution for employers looking to improve the financial well-being of their staff and increase loyalty.
Gwala partners with employers to offer a financial wellness suite that boosts productivity, engagement, and retention while not affecting the company's cash flow. The platform addresses the problem of monthly pay cycles in Morocco, where employees are vulnerable to unexpected expenses and may have to borrow money. The pre-seed funding will allow Gwala to continue its mission of improving the financial well-being of Moroccans and changing the financial landscape of the country. CEO Simo expressed excitement about the funding and the support from investors who share Gwala's vision. According to lead investor Maya Horgan Famodu of Ingressive Capital, Gwala is a pioneer of financial innovation in Morocco with the potential to transform the country's financial sector.
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