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Ivory Coast-based fintech startup Julaya has announced a USD 2 Mn pre-Series A funding to expand its products across West Africa. The participants in this round included corporate venture capital firms Orange Ventures and MFS Africa Frontiers, VC firms Saviu Ventures, Launch Africa, 50 Partners Capital, and some angel investors in Africa and Europe.
Julaya was launched to digitize trade payments but started in the Ivory Coast instead of Mali and Burkina Faso. By automating payments to workers and suppliers instead of depending on cash, the platform allows businesses to streamline their accounting and increase operational efficiency. The company helps African businesses and institutions disburse payments to mobile money and mobile banking wallets.
The startup plans to use the new investment to broaden its market share in Ivory Coast, launch digital payment products, and expand across West Africa.