*Data updated daily at 18:00 EAT
Gwala, an innovative fintech company that provides earned wage access to employees in Morocco, has secured an undisclosed pre-seed funding round. The funds will go towards scaling the startup’s product, hiring talent and fueling its expansion in its home market.
Gwala was founded in 2022 by Mossaab Abaouz, with the aim to offer an on-demand payment solution for employees and employers. The app gives employees instant access to their earned wages once transferred to get better visibility of their finances and grow financial literacy, while helping its partner corporations offer financial wellness benefits to attract and retain workers.