Afrimarket, a cash-to-goods money transfer service focused on French-speaking Africa, has raised €10m ($11m) from UK-based Global Innovation Fund and PROPARCO, a subsidiary of the French Development Agency.
The company attempts to avoid the high cost for migrants of transferring money to Africa by enabling them to buy specific goods or services, such as medical and tuition fees, which recipients can then remit from specific points of sale.
The Paris-based company is currently present in the Ivory Coast, but will use the capital to expand to Senegal, Cameroon, Benin and Togo in October and Mali and Burkina Faso in 2017.
Afrimarket previously raised $2.3m in a Series A round from French telecom Orange’s venture arm. It also counts VCs Kima Ventures and OCPFinance among its backers.
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