ADVA, an Egyptian fintech firm, has raised an undisclosed six-figure US dollar seed round to support the growth of its product line. ADVA is a consumer loan platform founded in 2020 by Rania Gaafar that enables clients to pay for a variety of goods and services in instalments.
The startup has now secured a six-figure seed round from regional VC firm Sawari Ventures, which it intends to use to increase the range of its financial services and product offerings. Weddings, auto repair, insurance, and vacation are among the new instalment services that ADVA plans to introduce.
“Our service helps maintain financial stability for customers through cash management. We pride ourselves on offering installments of core services for about 50 percent of its customers in less than 30 minutes,” said Rania Gaafar, ADVA’s CEO.
The founder and chairman of Sawari Ventures, Ahmed El-Alfi, stated that his company mostly financed firms that have already established themselves and are looking for further funding to grow operations.
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