- Waribei, an Ivorian fintech company, has raised €750,000 ($820,462) in pre-seed funding to accelerate the development of their inventory financing solution for small traders in Africa
- The funding has contributions of €500,000 ($546,890) from Mstudio and €250,000 ($273,358) from Saviu Ventures.
- The funding will enable the fintech to initiate its mission of empowering local merchants by providing access to more stock, allowing them to increase sales and secure the long-term sustainability of their businesses.
It will also improve its integration with financial institutions, allowing them to offer high-quality, tailored services aligned with the specific 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 revealed.
Founded in 2023 by Ladislas Pham and Frédéric Fameni, Waribei is a payment tool connecting banks, wholesalers, and retailers. It formalises access to working capital financing to purchase goods, fostering business growth for retailers.
It also offers a platform to manage payment terms within traditional distribution channels, all supported by liquidity from banks for wholesalers.
Co-founder Ladislas Pham highlighted that the fintech begins its efforts by listening to retailers and wholesalers and spending time in the markets to understand their daily struggles. This enables the fintech to 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, ” he added.
Per a study, the informal sector is a major part of the economy of African countries, with larger participation from women. However, the lack of funding opportunities for this sector has resulted in stagnation.
On top of this, one of the investors, Mstudio, confirmed that Waribei is addressing the challenge of access to financing for traders in this sector, particularly women, as they struggle daily to maintain a constant supply of stock due to limited access to traditional financing options. So, the fintech’s solution helps small traders stabilise their businesses by offering fast, flexible access to inventory financing.