Ivorian Fintech firm Julaya has raised $5 million in an extension round to take the total fund raised since 2021 to $7 million following the $2 million raised in a pre-series fund rounding early in 2021.
The round was led by the European Venture capital fund, Speed invest, which has six unicorns in its portfolio.
Also participating in the round include EQ2 Ventures, Kibo Ventures, the angel groups Unpopular Ventures, Jedar Capital, previous backers Orange Ventures, Saviu, 50 Partners, Ivorian entrepreneur Mohamed Diabi, and Chelsea football player Édouard Mendy.
Founded in 2018, Julaya which primarily uses mobile money channels to enable B2B payments for companies in Francophone Africa, disclosed that proceeds from the financing round will be used to expand its operations into the West African market.
The startup’s product line has recently been expanded to include a “Cash & Collect” solution that enables “quick and secured” cash collection, particularly in the Fast-moving consumer goods (FMCG) industry.
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.
CEO & co-founder of Julaya Mathias Léopoldie said, “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.”
Principal at Speedinvest Enrique Martinez-Haussmann, speaking on how Julaya’s technology is changing how companies operate, said, “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.”