Waribei Raises $820,000 Pre-Seed Funding to Support SMEs Financing in Africa

Ladislas Pham, Waribei Co-Founder and CEO

Ivorian fintech company Waribei has successfully raised €750,000 ($820,462) in pre-seed funding to enhance its inventory financing platform for small traders across Africa. The funding, with €500,000 ($546,890) from Mstudio and €250,000 ($273,358) from Saviu Ventures, will help Waribei empower local merchants by providing greater access to stock, boosting sales, and ensuring long-term business sustainability.

Additionally, the investment will enable Waribei to strengthen its integration with financial institutions, allowing them to offer customized services tailored to the needs of local entrepreneurs.

"By bridging the financing gap, we aim to transform the way informal commerce operates in the region and unlock new growth opportunities for retailers and wholesalers," the fintech stated.

Founded in 2023 by Ladislas Pham and Frédéric Fameni, Waribei serves as a payment tool connecting banks, wholesalers, and retailers. It formalizes access to working capital for retailers and provides a platform to manage payment terms in traditional distribution channels, backed by liquidity from banks.

Source: Abdullah Ajibade / TechPoint Africa