10-12-2025. Casablanca, Malta, Mauritius. Mediterrania Capital Partners, a private equity firm focused on growth investments in SMEs across North Africa and Sub-Saharan Africa, is pleased to announce the successful partial sale of its stake in Cash Plus, Morocco’s largest independent money transfer and low-income financial services provider, through an IPO on the Casablanca Stock Exchange.
The transaction, which achieved an exceptional 65-times oversubscription, marks Mediterrania Capital Partners’ third IPO (after TGCC and Akdital) and provides liquidity and strong double-digit returns to investors two years after investment.
Founded in 2004, Cash Plus is the leading independent money transfer and payment services company in Morocco, operating through more than 4,900 points of sale nationwide. Through its extensive retail network and transactional mobile application, Cash Plus provides millions of Moroccans with access to inclusive and affordable financial solutions.
Since Mediterrania Capital Partners entered Cash Plus’ shareholding structure together with FMO, the Dutch entrepreneurial development bank, and IFC, a member of the World Bank Group, Cash Plus has recorded a significant performance leap, doubling annual revenues and delivering substantial growth in EBITDA.
As part of its strategic support, Mediterrania Capital Partners is playing a key role in driving the expansion of the digital wallet in Morocco, helping to strengthen its market footprint and technological capabilities. The private equity firm has also contributed to shaping Cash Plus’ strategic roadmap for internationalisation, positioning it to successfully enter new markets and scale its operations across the region.
Albert Alsina, Founder and CEO of Mediterrania Capital Partners, said: “Over the last few years, Cash Plus has become one of the largest fintech platforms in Africa, with a clear financial inclusion strategy. Its transformation is a testament to strong leadership and disciplined execution driven by its President and CEO, Nabil Amar, and its Board.”
Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, added: “Two years after our investment, we are proud to have contributed to the development of a true fintech champion. This partial exit aligns with our broader strategy and fully supports Cash Plus’ ambitions for continued product development and expanded geographic reach.”
Nabil Amar, President and CEO of Cash Plus, stated: “Mediterrania Capital Partners is an extremely valuable partner. Thanks to their governance reinforcement, strategic guidance and financial support, we have accelerated our growth, strengthened our organisation and reinforced our financial and operational discipline. This partnership has been instrumental in shaping Cash Plus into the strong fintech player it is today, and the IPO is the next step in our long term vision.”
This partial exit strengthens Mediterrania Capital Partners’ track record in financial services across Africa. The firm remains committed to supporting regional champions delivering sustainable growth, value creation and high-impact financial inclusion.
CFG and Valoris acted as financial advisors of the transaction, Asafo acted as legal advisor and Saga as communication advisor.