Ivorian fintech startup Waribei raised $820,460 in pre-seed funding to expand its platform, which aims to streamline financial transactions for small businesses in Francophone West Africa. Waribei focuses on understanding the specific needs of merchants and aims to provide solutions that address their liquidity challenges.
Ivory Coast's Waribei Fintech Startup Raises Funds to Boost Small Business Support
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Addressing Liquidity Woes for Small Businesses
Ivory Coast, also known as Côte d’Ivoire, is home to the fintech startup Waribei, which recently raised approximately $820,460 (€750,000) in pre-seed funding to accelerate the development of its financing solution. The funding, secured from Mstudio ($546,890) and Saviu Ventures ($273,358), will enable the Ivorian startup to expand its digital platform.
Founded in 2023 by Ladislas Pham and Frédéric Fameni, Waribei aims to streamline financial transactions between merchants and banks in French-speaking West African countries. It also seeks to address liquidity challenges faced by small and medium-sized businesses.
Co-founder Pham commented on how the startup intends to make life easier for small businesses:
Our work starts with listening to retailers and wholesalers. We spend time in the markets, understanding the daily struggles they face, so we can design solutions that truly address their needs. At Waribei, we want to ensure that merchants can grow their businesses without worrying about maintaining stock levels or struggling to get loans.
Meanwhile, Mstudio has praised the Ivorian startup for its efforts to improve access to finance, particularly for women in the informal sector. The Abidjan-based venture capital firm expressed confidence that Waribei’s solution will positively impact the local economy and empower women entrepreneurs in the region.
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