10-10-2023; Mauritius. Mediterrania Capital Partners, a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is pleased to announce a €57 million investment in Moroccan financial services provider CASH PLUS together with FMO, the Dutch entrepreneurial development bank, and IFC, a member of the World Bank Group.
(Completion of the deal is pending regulatory approvals.)
CASH PLUS provides online payment and transfer services and has more than 3,600 physical locations across Morocco, making it one of the country’s largest financial service providers. The combined €57 million equity investment will enable CASH PLUS to continue developing its network of branches in Morocco and internationally, enhance the company’s digital financial services offerings by further developing its M-Wallet application – which already serves more than 1 million customers – and boost financial inclusion across Morocco.
Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, said: “We’re 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.”
Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added: “We are delighted to be part of this project alongside our long-time partners, 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. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASH PLUS stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASH PLUS in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”
Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group, said: “For 20 years, CASH PLUS has been a trusted partner serving its customers with a high innovation drive and over 3,600 points-of-sale, showing our commitment to accessibility and financial inclusion in Morocco. We greatly appreciate our esteemed partners, Mediterrania Capital Partners, IFC and FMO, for their unwavering belief in our vision. Together, we’re taking another significant step towards progress, inclusion and building a brighter and more prosperous future for all.”
Mediterrania Capital Partners’ investment in CASH PLUS is the second investment of MC IV, following its investment in Laprophan, one of the largest pharmaceutical companies in Morocco, in May 2023.
The investor consortium was advised by Asafo for legal advice and Accuracy for the financial due diligence. CASH PLUS was advised by DLA Piper.
Mediterrania Capital Partners has been present in Morocco since 2013 with investments in the Financial Services, Retail, Education, Construction, IT, FMCG and Healthcare sectors.