Cash Plus Becomes Morocco’s First Listed Fintech, Debuts at USD 550 M Valuation in Landmark IPO

Morocco’s fintech sector reached a new milestone this week after Cash Plus completed its debut on the Casablanca Stock Exchange, landing a valuation of about USD 550 M and drawing one of the largest investor turnouts the market has seen from a tech-driven issuer.

The listing, which closed on November 25, was shaped as much by the movement of long-term shareholders as by the company’s ambition to accelerate its growth across both digital and physical channels.

The IPO raised USD 82.5 M in total, including USD 44 M in new capital that will go directly into scaling the company. Cash Plus plans to use the funds to expand its nationwide footprint, strengthen its agent network, and push its digital ecosystem further into payments, mobile wallets, and app-based services.

At the center of the IPO was a two-part structure that split the USD 82.5 M raise into new capital for the company and liquidity for an early investor.

Cash Plus received USD 44 M in fresh funds through a capital increase aimed at accelerating the expansion of its nationwide agency network and investing in digital infrastructure. The remaining USD 38.5 M came from the sale of existing shares, all of it from Mediterrania Capital Partners (MCP), which used the offering to partially exit its position.

The private equity firm offloaded 1.8 million shares, with its main vehicle, MC IV Money, accounting for roughly USD 31.9 M of the sale, while MCIV Morocco cashed out USD 6.6 M. The exit reduced MCP’s holding from 23.5% to 14.3%.

The move provided liquidity for MCP after several years in the company, but it also left the fund without a lock-up, a detail analysts say could influence trading patterns in the months ahead, given the stock’s relatively small float.

While MCP exited part of its investment, the company’s founding shareholders took the opposite path. The Amar and Tazi families, each previously holding 38.2%, did not sell any shares. Their post-IPO stakes now sit at 35.1% each, a reduction tied entirely to new shares issued rather than disposal. Both families have committed to a seven-year lock-up, anchoring control and signaling long-term belief in the company’s direction.

The pricing of the IPO reflected a balance between intrinsic value and market precedent. Shares were offered at 200 MAD, roughly USD 22. A dividend discount model used in the prospectus valued Cash Plus at USD 628 M, or USD 27.83 per share, while a transactional reference based on MCP’s 2024 entry, at a P/E of 16.3x, implied a valuation near USD 490 M, or USD 21.78 per share. The final price landed between these two markers, giving investors a discount to the DDM value but aligning closely with recent private-market activity.

Behind the numbers is a business that has grown into one of Morocco’s most widely used financial-services platforms. Cash Plus operates close to 5,000 branches across the country, with roughly one quarter located in rural regions. About 87% of its network is franchised, a model that has helped the company reach communities underserved by the banking sector. On the digital side, its mobile app counts about 1.3 million users, and across both its physical and digital channels, the company says it serves around 12 million customers annually.

That combined “phygital” presence has reshaped Cash Plus’s revenue mix. Transfers, which once made up 73% of its income, have fallen to about 52% as the company expands into payment accounts, digital wallets, bill payments, and other cashless services. The USD 44 M raised through the capital increase is expected to push this transition further by strengthening both the technology platform and the branch network.

Financial performance underpins the company’s public-market pitch. Cash Plus enters the market as one of the few profitable, scaled fintechs in Africa. The company reported USD 21.56 M in net profit for 2024 and projects USD 26.07 M in 2025. It forecasts more than USD 29.7 M in 2026 and aims for USD 43.67 M by 2030. Between 2026 and 2030, the company plans to distribute 85% of net profits as dividends, presenting itself as a yield-focused asset rather than a high-burn tech play.

However, the prospectus outlines several risks. Competition remains intense, with established players like Wafacash and Chaabi Cash backed by major banking groups. Heavy reliance on franchisees introduces quality-control challenges across a network of nearly 5,000 branches. Meanwhile, the company’s shift deeper into digital finance raises cybersecurity and technology-spend pressures, leaving limited room for missteps as it seeks to maintain profitability and meet dividend commitments.

Even with those uncertainties, Cash Plus’s listing marks a turning point for Morocco’s capital markets. Mediterrania Capital Partners may have unlocked part of its investment, but the company’s founding families have doubled down. The next phase will test whether Cash Plus can turn its USD 550 M debut into sustained momentum as it evolves from a transfer operator into a full financial-services platform.