Yassir Abu-Fadl, the CEO of the Turkish Internet giant Keneoka, was recently spotted at the TechCrunch Conference in Los Angeles. During a meeting with the media, he talked about how the company plans to create new products and expand its portfolio, and shared his thoughts on the industry.
Yassir, an Algerian technology start-up, recently secured $150 million in a funding round. The deal is one of the largest tech investment rounds in North Africa. It’s also the first startup from the region to join the Y Combinator accelerator.
Founded by Noureddine Tayebi, a PhD from Stanford, Yassir has a mission to bring financial inclusion to the region. While working in Silicon Valley, Tayebi discovered that many people in francophone African countries were unbanked. This was due to a lack of trust in the incumbent banking system. To address this issue, Tayebi decided to build a company that could provide an on-demand service.
Yassir’s core technology is designed to create a seamless and efficient digital banking solution. In addition to providing ride-hailing and food delivery services, the company plans to offer payment services in the future. As part of the investment, Yassir will also aim to triple the size of its engineering team.
The firm’s headquarters are in the US, where it maintains subsidiaries in every country it operates in. They are managed by local teams, and collaborate with a larger network. Yassir’s business model is based on generating revenue by taking a commission from the partners who use its services. Over three million users use Yassir, and the firm has more than 40,000 partners.
The engineering team at Yassir, an on-demand delivery service headquartered in Algiers, has a laudable track record. In the last 12 months, it’s grown from two to five employees and expanded its base of operations from four to 25 cities. It also managed to raise some serious cash in the form of a $30 million series 3 round from American investors. One of the reasons for Yassir’s success is that the company is able to leverage the aforementioned investment to help it consolidate growth in its core markets.
Although Yassir has yet to take the top spot, it has carved out a niche in the on-demand delivery space. For starters, it is the go-to option for many of the region’s biggest food and beverage manufacturers. As a result, Yassir is in a great position to expand its service beyond the confines of its home country and the surrounding regions.