Afrimarket

About Afrimarket

Afrimarket was a fintech company established in 2013 by co-founders Rania Belkahia, Jérémy Stoss, and François Sevaistre. Headquartered in Paris, France, the firm aimed to reshape the remittance market in West Africa by providing a specialized cash-to-goods service. This model allowed the African diaspora in Europe to send funds for specific needs such as food, healthcare, and education directly to their families on the continent.

The company's platform operated as a hybrid of e-commerce and money transfer, offering a transparent and targeted alternative to traditional cash remittance services. Senders could use the online platform to select specific goods or services from a network of accredited local merchants in Africa. The recipient would then receive a notification to redeem the specified items, ensuring the money was used for its intended purpose. This approach not only increased sender trust but also significantly lowered transfer costs, with commissions around 5% compared to the 12.5% average charged by conventional operators. The business model generated revenue from both senders, through a transfer fee, and from partner merchants, who paid a commission for the new customers and visibility the platform provided.

Afrimarket's primary clients were African migrants living in Europe who wanted more control and lower costs for sending money home. The service catered to a market where 70% of sales were for food, and it reached beneficiaries in areas where average incomes were below $3.50 per day. The platform eventually grew to feature 10,000 SKUs from its retail partners. Over its lifespan, Afrimarket raised a total of $14.6 million in funding over several rounds from investors including Orange Digital Ventures, Global Innovation Fund, and Proparco. The company expanded its operations to Ivory Coast, Senegal, Cameroon, Mali, and Benin, employing 250 people before ceasing operations and entering liquidation in 2019.