Egyptian fintech firm ADVA has successfully completed a seed investment round in the amount of six figures in US dollars, the details of which have not been released.
ADVA is a consumer loan platform that was established in the year 2020 by Rania Gaafar. This platform gives clients the ability to pay for a wide variety of services and products in installments.
Sawari Ventures, a local venture capital firm, has provided the company with seed funding in the amount of six figures. The startup intends to utilize this money to broaden the range of its financial services and the products that it offers customers. The AVDA intends to introduce a brand new installment service package in the near future. This package will comprise 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 contributes to improving the quality of their lives. Cash management is one of the ways in which our service helps customers maintain their financial stability. According to Rania Gaafar, the CEO of ADVA, "We take great satisfaction in the fact that we are able to deliver installations of key services for about 50 percent of its customers in less than 30 minutes."
Sawari Ventures was founded by Ahmed El-Alfi, who also serves as its chairman, and he stated that his company primarily focuses on providing funding to entrepreneurs who have already demonstrated their viability and are looking for further funds to develop their operations.
We considered this to be a genuine possibility for collaboration between major financial institutions and entrepreneurs, so we invested a six-figure sum in US dollars in the form of a seed fund in ADVA. "This will generate a significant leap with respect to fintech, as a vital aspect of the government's goal towards digital transformation and financial inclusion," he added. "This will yield a significant leap with respect to fintech."