Orange backs cash-to-goods firm Afrimarket – Mobile World Live

Orange backs cash-to-goods firm Afrimarket

29 JAN 2015

Orange purchased an unspecified stake in Afrimarket, a firm which enables users in Europe to pay for everyday goods and services in partner retail outlets in Africa.

The firm enables targeted remittances to be sent so that friends and family in Africa can pick up goods, typically medicines, books and food, from local stores.

Orange describes the cash-to-goods segment as “one of the most promising” in the international money transfer market.

Afrimarket’s offer also undercuts traditional solutions with lower fees, plus has the attraction for users that goods purchased have guaranteed quality, said Orange.

The operator entered into a commercial partnership with Afrimarket a few months ago.

The size of Orange’s stake — and its financial value — was not disclosed, although it is a minority one. Other investors in the fundraising programme were not revealed.

Three young entrepreneurs – Rania Belkahia, Jeremy Stoss and François Sevaistre – founded the firm less than two years ago in France.

The investment in Afrimarket is the first one made by the operator in a start-up that has gone through its Orange Fab acceleration program.

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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