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Rabat – UM6P Ventures, a Casablanca-based venture capital fund of the Mohammed VI Polytechnic University (UM6P), announced investing in PayLik, a fintech startup poised to redefine how salaries are accessed in the workplace.
The fintech startup provides an innovative solution that offers employees immediate access to a portion of their salaries through a prepaid card known as “Paylik,” a statement from UM6P Ventures says.
The UM6P Ventures statement adds that the startup aims to redefine the traditional salary payment model by allowing employees to access their earnings multiple times per month, mitigating the financial stress caused by the typical 30-day salary cycle.
The solution aims to not only empower employees to manage their budgets more effectively but also support HR departments in their efforts to boost employee well-being, the statement argues.
As of today, PayLik has 3,000 employees registered on its platform, attracting major companies in various sectors, including agriculture, automotive, catering, and tourism.
PayLik is planning to expand its offerings to become a comprehensive financial platform. The expansion will include the introduction of tech-based financial services, alternatives for loans, budget coaching, salary savings, bill payments, and more.
Commending on the news Yassine Laghzioui, General Manager of UM6P Ventures, expressed the fund’s commitment to driving PayLik’s growth and its potential to bring about transformation in the fintech sector.
“Paylik adds to our fintech portfolio, a vertical we identify as having strong growth and return potential,” he said.
“Thanks to our robust partner ecosystem, UM6P Ventures is strategically positioned to catalyze Paylik’s growth trajectory. This investment will act as a lever, allowing Paylik to refine their product and create effective synergies with key players in the financial sector,” he added.
Othmane Bennani Smires, founder of Paylik, said that his company is “thrilled to welcome UM6P Ventures as a partner.”
He added that his company “will use the funds raised to expand our team, strengthen our technological infrastructure, and support our rapid growth.”
“Paylik addresses a real issue related to the fact that salaries are received on 30-day cycles,” he noted adding that “employees struggle to manage their budgets over such a long period. PayLik provides employees with financially smoother month-ends while making it easier for HR departments to manage.”
“With UM6P Ventures’ extensive network throughout Africa and deep connections with the startup community, they will consistently bring value to our efforts,” he concluded.
Read Also: UM6P Ventures, Chari Team Up To Drive Digital, Financial Inclusion in Africa
