Franco-Ivorian fintech Julaya raises $2M to digitize business payments in West Africa
Summary
Their customers range from SMBs to large corporates and government institutions and include famous brands such as the e-commerce startup giant Jumia.Having worked in the nascent mobile money industry, we realized that the large consumer penetration of telecom operators would benefit businesses that wanted to reach the unbanked and make fast payments. The amount raised will be dedicated to broadening their Ivorian market share, launching new digital payment products, and for market expansion throughout West Africa.Habib Bamba, Director of Transformation, Digital, and Media at Orange C\xf4te dIvoire, explains the reason behind this strategic investment for Orange Ventures: Fintechs environment in Africa is distinguished by its competitiveness and strong dynamism. Orange Group, through its technology investment fund, intends to participate in this boom by supporting fintech such as Julaya. This funding will allow Julaya to grow and conquer West Africa with Orange Digital Center teams support.The company works with telecom operators and other fintech startups to provide their customers with a flawless user experience, often being their first digital experience to transact in an economy still cash-based. The companys name Julaya means trade in the Bambara language and is understood all over West Africa, in line with its goal to digitize trade payments.Mobile money is coming to a mature stage where business and public institutions use-cases provide new growth opportunities for the sector.