Baluwo, a cash to goods platform that allows payment from Europe for basic products and services such as voice and mobile data, electricity and food for migrants’ families in rural areas of West sub-Saharan Africa, has closed a €2 million investment round, led by Creas Impacto, a pioneering impact investment manager in Spain. The round was also supported by the Open Value Foundation (a benchmark foundation for impact investment in emerging countries), experts from the fintech sector and a large number of the Company’s partners. The new investors join Cabiedes, Big Sur and 4Founders as shareholders.
Based in Barcelona, Baluwo was founded 5 years ago by Josep Arroyo, seeks to improve the lives of migrants and their families through an alternative to traditional remittances that facilitates control and traceability in the use of money and efficient access to basic products and services. Baluwo is present in 14 countries with a capillary network of more than 1,000 establishments.
The main objective of the round’s capital is to boost the platform’s growth through the inclusion of new value-added products and services such as education and health and international expansion in France, Italy, UK and USA (countries with more than 4 million Africans).
Rocajunyent advised Creas with a Barcelona office Commercial/M&A team led by partner Alex Llevat, together with senior associate Lourdes Amigó de Bonet.
