Sawari Ventures invests in Egyptian lending platform
Egypt-based fintech company ADVA has raised an undisclosed six-digit figure seed round from Sawari Ventures.
Founded in 2020 by Rania Gaafar, ADVA is a consumer lending platform that allows customers to pay for a wide variety of services and products in instalments.
It plans to use the funding to expand its product offering as well as the scope of its financial services.
“ADVA uniquely facilitates lending to a broad category of the society, including but not limited to, those who earn basic and supplementary incomes, retirees and self-employed individuals, through financing their essential needs, in a way that helps improve the quality of their lives. Our service helps maintain financial stability for customers through cash management,” Gaafar said.
Meanwhile, Ahmed El-Alfi, founder and chairman of Sawari Ventures, said, “Sawari Ventures mainly focuses on financing start-ups that have already started and proved success, while seeking additional capital to expand their scope of operation. We invested a six-digit figure in US dollars as seed fund in ADVA, considering it a genuine opportunity for collaboration between start-ups and major financial institutions. This will yield a significant leap with respect to fintech, as a key part of the government’s plan towards digital transformation and financial inclusion.”
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