EGYPT – ADVA, an Egypt-based online lending platform, has secured a six-digit figure in a seed round from Sawari Ventures to launch its premium programmes that enable customers to have access to funds of up to EGP 1 million (US$53,418).
ADVA aims to expand its business by offering new services, including wedding parties, car maintenance, insurance, and travel.
“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,” the CEO of ADVA, Rania Gaafar, noted.
Founded in 2020 by Rania Gaafar, ADVA is a consumer finance platform that enables clients to pay for a broad range of services in instalments. The platform’s business volume amounted to EGP 100 million (US$5.34m) last year.
The programmes, which reach around 85% of the intended audience, offer a variety of services to customers, with healthcare, education, and the instalment feature topping the list.
Through cash management, the ADVA service helps consumers maintain financial stability. The platform takes pleasure in the fact that around half of its users may get key services in less than 30 minutes.
Furthermore, Ahmed El-Alfi, the Founder and Chairman of Sawari Ventures, stated that the firm’s primary focus is on funding firms that have previously launched and demonstrated their viability while seeking extra funds to expand their scope of operation.
He went on to say that they put a six-figure sum into ADVA as a seed fund, seeing it as a genuine chance for startups and major financial institutions to collaborate.
As a vital aspect of the government’s aim for digital transformation and financial inclusion, this will result in a significant leap in fintech.
In order to cater for the requirements of its users, ADVA concentrates on growing its portfolio with a new package of installation services that includes wedding parties, car maintenance, insurance, and travel.
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