Ivory Coast-based payments company Julaya has raised a US$5 million extension round led by European venture capital fund Speedinvest to expand its operations in West Africa.

EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, as well as previous investors Orange Ventures, Saviu, and 50 Partners also invested in the round.

Julaya is a B2B digital platform that enables companies to send and collect payments through a digital account, including features such as remote cash collection and company debit cards.

More than 500 businesses including Africa’s e-commerce giant Jumia use Julaya as their digital account to pay their partners and collect payments.

The latest financing round will enable Julaya to expand in the West African market, open Benin, Togo and Burkina Faso offices, and boost product development.

Since closing its pre-Series A funding in June 2021, the company has launched its Dakar office, added a cash collection feature, and saw transactions and revenue growing +500% year on year.

“90% of payments are still made in cash on the continent, and Julaya is proud to be part of the fintech landscape that helps businesses be more successful,”

said Mathias Léopoldie, CEO & Co-Founder.

“The potential for Julaya’s technology goes far beyond its payment capabilities, having the opportunity to become a close banking partner for companies in West Africa.”

said Enrique Martinez-Haussmann, Principal at Speedinvest.