Ivorian Fintech Waribei Secures €750,000 in Pre-Seed Funding to Boost Inventory Financing for Small Traders in Africa
Waribei, an Ivorian fintech company, has raised €750,000 ($820,462) in pre-seed funding to advance its innovative inventory financing solution aimed at small traders across Africa. The funding includes a contribution of €500,000 ($546,890) from Mstudio and €250,000 ($273,358) from Saviu Ventures.
This capital injection will help Waribei empower local merchants by providing easier access to stock, enabling them to boost sales and ensure long-term business sustainability.
The funds will also support Waribei’s integration with financial institutions, allowing it to offer tailored, high-quality services designed to meet the unique 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 shared.
Founded in 2023 by Ladislas Pham and Frédéric Fameni, Waribei serves as a payment tool connecting banks, wholesalers, and retailers. The platform formalizes access to working capital financing, enabling retailers to purchase goods and drive business growth. It also provides a solution for managing payment terms within traditional distribution channels, supported by liquidity from banks for wholesalers.
Co-founder Ladislas Pham emphasized Waribei’s commitment to understanding the daily challenges faced by retailers and wholesalers. “At Waribei, we want to ensure merchants can grow their businesses without worrying about maintaining stock levels or struggling to get loans,” Pham explained.
The informal sector, which plays a significant role in African economies and has a strong participation from women, often lacks access to traditional financing options. One of Waribei’s investors, Mstudio, highlighted the fintech’s role in addressing this challenge by offering flexible, fast inventory financing, particularly benefiting women traders who face daily struggles in maintaining their stock. Waribei’s solution is expected to stabilize small businesses and promote growth in the informal sector.
Source: Techpoint
