Rabat – A private equity firm, Mediterrania Capital Partners, has announced investing €57 million ($60 million) investment in Cash Plus, a Moroccan financial services provider.
The investment was made in collaboration with FMO, an entrepreneurial development bank from the Netherlands, and IFC, the private investment arm of the World Bank, according to a report from Ripples Nigeria.
Cash Plus operates 3,600 physical locations across Morocco, making it one of the largest financial services providers in the country.
The report explains that the combined €57 million investment is set to support Cash Plus’ expansion plans nationally and internationally.
The funding is expected to boost the company’s digital financial services offerings, especially its M-Wallet application which currently serves more than 1 million customers.
Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, welcomed the news, saying that his firm is “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,” he explained.
For his part, Albert Alsina, Founder and CEO of Mediterrania Capital Partners, said that the company is “delighted” to be part of the venture alongside 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,” he added.
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