Egypt-based fintech ADVA has raised an undisclosed “six-digit figure” Seed round from Sawari Ventures with a bid to expand its product offering as well as the scope of its financial services.
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 installments.
“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,” Rania Gaafar, ADVA CEO, said. “We pride ourselves on offering installments of core services for about 50 percent of its customers in less than 30 minutes.”
ADVA which is the first online service installment platform in Egypt, has also announced the launch of its premium programs that provide customers with access to funds of up to EGP one million.
The programs, which serve approximately 85 per cent of the target audience, provide customers with various services, topped by healthcare, education and finishing through the installment feature.
Gaafar estimated ADVA’s business volume at EGP 100 million in 2021. “For this year, we expect it to reach four times higher than that achieved last year,” she noted, elaborating “Through our large number of premium service providers and modern technological methods, we assist customers to get the funding needed in a simple, easy way.”
Meanwhile, Ahmed El-Alfi, Founder and Chairman of Sawari Ventures, said “Sawari Ventures mainly focuses on financing startups that have already started and proved success, while seeking additional capital to expand their scope of operation,” he said. “We invested a six-digit figure in US dollars as seed fund in ADVA, considering it a genuine opportunity for collaboration between startups 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.”
Through its portfolio, ADVA focuses on expanding its portfolio through a new package of installment services that include wedding parties, car maintenance, insurance and travel, in order to fulfill the needs of its customers.