Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs in North Africa and Sub-Saharan countries, has sold a significant stake in Cash Plus, the largest independent money transfer company in Morocco, to Groupe Richbond, a Moroccan industrial and property conglomerate.

Hatim Ben Ahmed, Partner at Mediterrania Capital Partners, said: “Four years after our investment, Cash Plus has grown to become a strong company with the right basis for long-term growth. We are very pleased to have contributed to the development of a national champion in the Fintech industry in Morocco. The sale of part of our stake to Groupe Richbond fully supports Cash Plus’s future strategy in terms of product and service development and expansion continuity.”

Founded in 2004, Cash Plus is Morocco’s leading independent money transfer and low-income financial services provider and operates through more than 1,400 points of sale across the country. The company enables its clients to access a comprehensive portfolio of inclusive financial products through its outlets and transactional mobile application.

In 2014, Mediterrania Capital Partners entered Cash Plus’s equity by acquiring a 49% stake. During Mediterrania Capital’s four-year tenure, Cash Plus annual revenues increased by 300% while EBITDA jumped six-fold in the same period.

Mediterrania Capital supported Cash Plus’s strong expansion plans by helping the company to strengthen its presence in Morocco, which grew from 360 points of sale to more than 1,400 and added new products and services to its portfolio.

Under Mediterrania Capital’s partial ownership, Cash Plus also developed its own ERP system and web-based applications for money transfer and payment services and was recently granted a payments licence by the Central Bank of Morocco.

Groupe Richbond will hold 40% in Cash Plus and benefit from the solid foundation that Cash Plus’s management and the Mediterrania Capital Partners team have built up over the past four years.

Nabil Amar, Cash Plus Deputy CEO, said: “Mediterrania Capital has been an extremely valuable partner for the past four years. Thanks to their management expertise and financial support, we have been able to successfully integrate Eurosol (acquired in November 2015) and, improve our Strategy and HR processes. We have also implemented a strong discipline of financial reporting, becoming a results- oriented company.”

Karim Tazi, Groupe Richbond shareholder and Board Member, said: “The acquisition of a stake in Cash Plus supports our business strategy and brings high synergies with our current portfolio. After Mediterrania Capital’s partial ownership, Cash Plus is very well positioned to capture the increasing demand for financial services in Morocco.”