CashPlus
- Company typePublic
- Founded2004
- HeadquartersCasablanca, Morocco
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What CashPlus does
CashPlus is a Moroccan payment institution founded in 2004 and headquartered in Casablanca, regulated by Bank Al-Maghrib under payment establishment licence n°85 (granted 19 February 2019). The company operates a phygital financial services platform that combines a nationwide physical agency network of over 5,000 branches covering approximately 80% of Moroccan territory with a mobile-first digital application (Cash Plus Mobile, available on iOS and Android). At the time of its November 2025 IPO on the Casablanca Stock Exchange — which made it Morocco's first listed fintech — CashPlus served approximately 12 million customers annually and managed nearly 4 million payment accounts. The platform supports free basic payment accounts, domestic and international money transfers (via Western Union, Moneygram, and PayPal partnerships), bill payments (telecom, utilities, government), currency exchange, CNSS social security services, virtual Mastercard cards, and government subsidy disbursement programmes such as Tayssir.
The company's technology stack includes the M-Wallet electronic wallet, the Cash Plus Mobile application, a merchant API for e-commerce cash payments, and dedicated B2B platforms (Cash Plus Payment, Collect, and Dispatch) for cash e-commerce acceptance, daily cash collection, and mass payouts. Tawssil — a wholly-owned subsidiary — provides parcel delivery and cash-on-delivery logistics. B2B integrations span marquee Moroccan enterprises including Maroc Telecom, Inwi, Orange Morocco, Jumia, ByteDance, and government entities such as CNSS. Revenue is generated through tiered transaction fees on money transfers (5–67 DH domestically, plus a 0.67% rate above 10,000 DH), currency exchange margins, B2B service contracts, and account/card-related fees. Pricing for B2B and Tawssil services is bespoke and quote-based. The customer base is split horizontally across unbanked and underbanked individuals (primary), SMBs and e-commerce merchants (primary), diaspora remittance receivers, and digital economy participants.
CashPlus is majority-owned by the founding Amar and Tazi families (35.1% each, under a seven-year lock-up) following the IPO; Mediterrania Capital Partners partially exited, reducing its stake from 23.5% to 14.3%. Headcount stands at approximately 8,000 across direct and indirect agency employment. With a profitable operating profile, a USD 550 million IPO valuation, and recent USD 82.5 million raised (USD 44 million new capital), CashPlus is investing its post-IPO proceeds into further network expansion (already at 5,340+ points of sale by Q1 2026) and ecosystem buildout through strategic partnerships.
CashPlus firmographics
Firmographics- Name
- CashPlus
- Legal name
- CASHPLUS
- Website
- https://cashplus.ma
- Company type
- Public
- Founded year
- 2004
- Operating status
- Ipo
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
CashPlus industry classification
Industry- Product category
- Digital Payment Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)
- akta.pro secondary industries
- Cash-in/Cash-out Agent Network Wallets (FSAMAEAJ), In-App / Online Checkout Wallets (FSAMAEAH), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
Keywords
Where CashPlus is headquartered
LocationHeadquarters
- HQ city
- Casablanca
- HQ country
- Morocco
- HQ region
- Africa
Offices1 record
Markets served
CashPlus business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Money Transfer Fees: Transaction-based fees charged on domestic and international money transfers. National transfer fees vary by amount: 5 DH (0-50 DH), 10 DH (51-100 DH), 25 DH (101-200 DH), 35 DH (201-500 DH), 37 DH (501-1000 DH), 47 DH (1001-3000 DH), 57 DH (3001-5000 DH), 67 DH (5001-10000 DH), and 0.67% for amounts over 10000 DH. International transfer fees apply additional commissions.
- Payment Processing: Commission revenue from processing e-commerce cash payments, bill payments, and government service payments (taxes, CNSS) through the agency network.
- Currency Exchange: Margins earned on foreign currency exchange transactions conducted at agency branches, offering competitive rates for EUR, USD, GBP, SAR, AED, and other currencies.
- B2B Services (Collect, Dispatch, Payment): Fees from business clients using Cash Plus Collect (daily cash collection), Cash Plus Dispatch (mass payments to employees/suppliers), and Cash Plus Payment (e-commerce cash processing) services.
- Account Maintenance and Card Fees: Free basic account (0 DH maintenance), with revenue from card issuance, E-card annual activation fees, and overdraft/transaction-related charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Free account with tiered transfer fees |
| Subscription | Monthly | Four-tier payment account levels based on KYC |
| Subscription | Annual | E-card international prepaid card with annual activation fee |
| Other | Multi-year contract | Custom B2B pricing for logistics and payment services |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels6 records
CashPlus product offering
Product offeringCore offering
Cash Plus is a Moroccan fintech operating a phygital payment services platform combining a 5,000+ branch agency network with the Cash Plus Mobile app and M-Wallet digital wallet. It provides free payment accounts, domestic and international money transfers via Western Union, Moneygram and PayPal partnerships, bill payments for utilities and telecom, currency exchange, and B2B cash management services (Payment, Collect, Dispatch) to consumers, unbanked populations, and businesses across Morocco. The company operates as a Bank Al-Maghrib-licensed payment institution.
Product overview
CashPlus operates as a Moroccan fintech company offering a multi-channel financial services platform combining physical agency network (4,900+ branches) with digital services via the CashPlus Mobile app. The core offering centers on payment accounts with M-Wallet integration, supported by domestic and international money transfer services (Western Union, Moneygram, PayPal partnerships), bill payment processing (Fawati partnership), currency exchange, and CNSS services. B2B offerings include Cash Plus Payment (cash-based e-commerce payments), Cash Plus Collect (daily fund collection), Cash Plus Dispatch (salary/disbursement payments), and Tawssil/Tawssil Professionnel (parcel delivery and relay services). The company serves both individual consumers (including unbanked populations) and businesses, functioning as a payment institution licensed by Bank Al-Maghrib since 2019. The product portfolio was expanded through a €57M investment in 2023 and culminated in a November 2025 IPO on the Casablanca Stock Exchange.
Differentiator
Problem solved
Functional benefit
Brands
- Tawssil: Parcel delivery and logistics service enabling shipments across Morocco with real-time tracking and cash-on-delivery options
- Cash Plus Dispatch
- Cash Plus Collect
- Cash Plus Payment
- M-Wallet
Products and services
- Cash Plus Mobile (Payment Account) A free-to-open payment account with 0 DH maintenance fees, a Mastercard debit card, and full access to Cash Plus services (transfers, bill payments, virtual card) through the Cash Plus Mobile app. Targeted at individual consumers and unbanked populations in Morocco.
- Cash Plus Payment B2B payment solution enabling e-commerce merchants and online businesses to accept cash payments from unbanked customers at Cash Plus agencies via API integration. Targeted at e-commerce merchants and online retailers serving cash-preferring customers.
- Cash Plus Collect
- Cash Plus Dispatch
- Tawssil (Parcel Delivery and Relay Service)
- Tawssil Professionnel
- Virtual Card (E-card)
- International Money Transfer
- National Money Transfer
- Bill Payment
- CNSS Services
- Currency Exchange
- Tayssir Program Distribution
- Cash Plus Agency Network
Quantifiable outcome
- 12 million customers served annually
- +4 more outcomes
Companies that use CashPlus
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles4 records
CashPlus technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature6 records
CashPlus partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- PayPalcorePartnership enabling Cash Plus users to withdraw PayPal balances instantly in Moroccan Dirhams (MAD) via the Cash Plus mobile app, without branch visits or paperwork. Aims to improve access to global income and support Morocco's financial inclusion goals.
- Western UnioncorePartnership to digitalize international money transfers from and to Morocco. Enables Cash Plus customers to send and receive international remittances through the Cash Plus platform with Western Union's global network.
- Bank Al-MaghribcoreMorocco's central bank acts as the regulatory authority, having granted Cash Plus its payment establishment licence (n°85) on 19 February 2019, enabling the company to legally operate payment services.
- CDG PrévoyanceminorGovernment partner managing the Tayssir scholarship programme. Cash Plus agencies serve as disbursement points for education subsidies targeting families in INDH zones and rural areas to combat school dropout.
- MastercardcoreProvides the payment card infrastructure for Cash Plus debit cards and E-card international prepaid cards, enabling ATM withdrawals, point-of-sale payments, and international e-commerce transactions.
- ONCF (Office National des Chemins de Fer)minorNational railway office partnership, allowing Cash Plus services to be available at train stations for ticket purchases and financial services.
- AXA Assurance MaroccoreStrategic partnership announced in November 2024 to strengthen financial inclusion in Morocco by offering insurance-related payment and collection services through the Cash Plus network.
- MarkoubminorPartnership to facilitate bus ticket purchases through the Cash Plus mobile application, expanding the range of government and transport services available on the platform.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
CashPlus competitors and assessment
Company assessmentDirect peers
- Wafacash: Money transfer and payment services subsidiary of Attijariwafa Bank, the largest private bank in Morocco. Wafacash operates a directly comparable agent-based money transfer and bill payment network, competing head-to-head with Cash Plus for domestic transfers, FX, and remittances in Morocco.
- Al Barid Bank: Morocco's postal bank offering payment accounts, money transfers, and bill payment services through its extensive post office network. It competes directly with Cash Plus for the same unbanked and underbanked segments across Moroccan territory.
- Barid Cash: Cash transfer and payment service associated with Morocco's postal ecosystem, providing domestic and international transfers and bill payments. It overlaps with Cash Plus's core transfer and bill payment offering through a parallel physical network.
Broad incumbents
- M-Pesa (Vodacom / Safaricom): Leading mobile money platform across Africa and emerging markets, offering wallets, P2P transfers, bill payments, and merchant services via an agent network. Highly comparable to Cash Plus's phygital mobile money model and a benchmark for cross-border scaling.
- Western Union: Global cross-border money transfer company that is both a Cash Plus partner and a broader incumbent. It is comparable because international remittances are a core revenue stream for Cash Plus, and Western Union sets corridor economics the company depends on.
- MoneyGram: Global P2P remittance network with significant African corridors. As an existing Cash Plus partner for international transfers, it represents both a competitive channel and a benchmark for cross-border pricing and digital transfer economics.
- PayPal: Global digital wallet that partnered with Cash Plus for instant MAD withdrawals. PayPal is a comparable digital wallet at global scale and the partner whose corridor economics directly affect Cash Plus's digital income-receiving service.
Emerging players
- Wave (mobile money): Mobile money operator with significant presence in Senegal, Ivory Coast, and other West African markets, offering low-fee P2P transfers and merchant payments. Comparable to Cash Plus in targeting unbanked populations with a mobile-first wallet model.
Regional players
- Orange Money Maroc: Mobile money service offered by Orange Morocco, providing payment accounts, transfers, and bill payment to Orange subscribers. It competes with Cash Plus within Morocco for telecom-tied mobile wallet users, though its distribution is constrained to the Orange customer base.
Others
- Mastercard: Global card network that provides the card infrastructure (debit, E-card prepaid) underpinning Cash Plus's card products. As a critical infrastructure partner, Mastercard's interchange and scheme fees directly shape Cash Plus's card economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
CashPlus social profiles
Digital presenceCashPlus compliance and trust
Trust signalCompliance1 record
CashPlus financial estimates
Financial estimateRevenue estimate
Valuation estimate
CashPlus leadership team
Management profileNumber of profiles
Profiles4 records
CashPlus subsidiaries and ownership
Company hierarchySubsidiaries1 record
CashPlus funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CashPlus M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CashPlus
What does CashPlus do?
Cash Plus is a Moroccan fintech operating a phygital payment services platform combining a 5,000+ branch agency network with the Cash Plus Mobile app and M-Wallet digital wallet. It provides free payment accounts, domestic and international money transfers via Western Union, Moneygram and PayPal partnerships, bill payments for utilities and telecom, currency exchange, and B2B cash management services (Payment, Collect, Dispatch) to consumers, unbanked populations, and businesses across Morocco. The company operates as a Bank Al-Maghrib-licensed payment institution.
Is CashPlus a public or private company?
CashPlus is a public company. It is classified as public and is currently ipo.
When was CashPlus founded?
CashPlus was founded in 2004. It employs 1,001 to 5,000 people.
Where is CashPlus based?
CashPlus is headquartered in Casablanca, Morocco, in the Africa region.
How does CashPlus make money?
Five revenue lines are on record. Money Transfer Fees are the primary driver. The others are payment Processing, currency Exchange, B2B Services (Collect, Dispatch, Payment) and account Maintenance and Card Fees.
Who are CashPlus's main competitors?
Direct peers on record are Wafacash, Al Barid Bank and Barid Cash. Broad incumbents are M-Pesa (Vodacom / Safaricom), Western Union, MoneyGram and PayPal. Wave (mobile money) is listed as an emerging player. Orange Money Maroc is listed as a regional player. Mastercard is listed as an others.
Does CashPlus have an API?
Yes. Cash Plus offers an API integration for merchants through Cash Plus Payment, enabling e-commerce sites to accept cash payments at Cash Plus agencies. The API allows merchants to integrate cash payment functionality into their websites, with token-based authentication per client and transaction for security. Integration involves API integration on the merchant site, testing in a development environment, and production deployment.
What industry is CashPlus in?
CashPlus's product category is Digital Payment Services. Its primary akta.pro industry code is FSAMAEAA, General-Purpose Digital Wallets (P2P + Merchant), with a secondary code of FSAMAEAJ, Cash-in/Cash-out Agent Network Wallets. Its NAICS code is 52232 and its SIC code is 6099.