Mediterrania Capital Partners backs Morocco's Cash Plus
Mediterrania Capital Partners has announced a €57 million investment in Moroccan financial services provider Cash Plus together with FMO and IFC.
Completion of the deal is pending regulatory approvals.
Cash Plus provides online payment and transfer services and has more than 3,600 physical locations across Morocco, making it one of the country’s largest financial service providers. The combined €57 million equity investment will enable Cash Plus to continue developing its network of branches in Morocco and internationally, and enhance the company’s digital financial services offerings by further developing its M-Wallet application.
Hatim Ben Ahmed, managing partner at Mediterrania Capital Partners said, “We’re thrilled to be backing Cash Plus management in its ambitious development strategy. Cash Plus has emerged as one of the continent’s fastest-growing financial institutions and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”
Albert Alsina, founder and CEO at Mediterrania Capital Partners added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. Cash Plus is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, Cash Plus stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support Cash Plus in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”
The investor consortium was advised by Asafo for legal advice and Accuracy for the financial due diligence. Cash Plus was advised by DLA Piper.
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