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Solva raises USD 20 million investment

Thursday 4 January 2024 09:47 CET | News

Kazakhstan-based working capital solutions provider Solva has announced that it raised a USD 20 million investment backed by the Sawiris family and ZCP. 

As per the information provided by the company, the investment was supported by the Sawiris family of the Egyptian Orascom Group in partnership with Zoser Capital Partners (ZCP).

Kazakhstan-based working capital solutions provider Solva has announced that it raised a USD 20 million investment backed by the Sawiris family and ZCP.

Solva’s development strategy

With the newly acquired funds, Solva intends to further expand its digital financial products for micro, small, and medium-sized enterprises (SMEs) and increase job creation in Central Asia. Also, the company aims to leverage a part of the funding to assist its ongoing transition from a microfinance organisation into a licenced SME-focused bank. The company projects this transformation to take place in 2024, boosting Solva’s capacity and financing outreach, as well as introducing additional funding sources from current accounts and deposits. The current investment allows Solva to add transaction products to its offering.

Representatives from Solva expressed their enthusiasm over the strategic partnership, with the company looking forward to upcoming prospects. In addition to the benefits brought by having an international investor, the funding focuses on accelerating the execution of the company’s regional strategy and expansion plans. Considering that Solva entered an active phase of transitioning from an NBFI into a fully licenced bank, the collaboration with an international partner, that shares its development vision and sustainability principles, is essential for supporting its growth journey.

Solva’s main objective is to increase the accessibility and inclusivity of financial products, while also promoting sustainable growth for enterprises that conduct business in Central Asia.

More information about Solva

With its operations launched in 2017, Solva provides digital lending products, such as revolving credit lines, instalment loans, and short-term working capital solutions, for SMEs in Central Asia. Additionally, the company extends its solutions to private individuals, with its offering including online microcredits and loan refinancing, as well as self-employed and LLP. Solva launched its mobile app to allow customers to conduct payments without fees, in a simplified and secure manner. Currently, the company operates in 150 points in different cities and online across Kazakhstan, having 1,000,000 customers that leverage its solutions.

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Keywords: investment, funding, SMEs, SME lending, financial services, financing
Categories: Banking & Fintech
Companies: Solva
Countries: Kazakhstan
This article is part of category

Banking & Fintech

Solva

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