FinTech liwwa raised $18.5M in a Pre-Series B round to redefine the small and medium businesses (SME) lending landscape.
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Jordan-based Fintech liwwa closed an $18.5m Pre-Series B round of equity and debt. Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns.
The round included $4.5M in equity investment led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $0.79M. The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5M, whereas an additional $8.5M debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1M and a $2.2M finance facility respectively, PROPARCO approved a €1< facility and Triple Jump approved a $500K loan.
The MENA region has had a stellar start to the year aggregating $1Bn+ in funding, as seen in our MENA H1 2022 Venture Investment Report. The FinTech space has been taken up by the bigger markets like UAE, KSA, and Egypt, however this year we have seen the relatively smaller markets raise some stellar rounds to mark their place. The highlight was Bahrain's cryptocurrency startup Rain coming in with its first-ever Mega Round ($100M+) of $110M in its Series B round. Other geographies that joined in included Sudan’s Bloom App raising $6.5M SEED, Kuwait’s Enabill’s, and Qatar’s Karty’s $1.5M SEED and Pre-SEED round. This goes to show how even smaller markets are readily adopting financial technology. Jordan has been attracting the attention of the VC ecosystem, the most notable feat for the geography this year being Jordan-based Jobedu’s acquisition by a USA-based Web 3 startup Novajax.
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liwwa will be utilizing the funds for its growth and expansion plans. liwwa’s CEO, Dennis Ardis, shared his thought on the funding round, “With this funding round, we have yet taken another major step towards accomplishing our goals. We will continue to grow as the market grows by bringing in innovative Fintech solutions and cash flow-based lending."
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