ADVA, an Egyptian fintech firm, has secured an undisclosed early investment round in the six-digit US dollar range to help it grow its offerings.
ADVA is a consumer finance platform founded by Rania Gaafar in 2020 that allows clients to pay for a range of services and products in installments.
The business has now secured a six-figure seed round from local venture capital firm Sawari Ventures, which it intends to utilize to extend its product offering and financial services reach. Wedding parties, automobile maintenance, insurance, and travel are among the things that ADVA aims to provide as part of a new package of installment services.
“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. 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.
Sawari Ventures’ founder and chairman, Ahmed El-Alfi, said his business focuses on funding firms that have already established themselves and are looking to grow their operations.
“We invested a six-digit figure in US dollars as seed fund in ADVA, considering it a genuine opportunity for collaboration between startups and major financial institutions. This will yield a significant leap with respect to fintech, as a key part of the government’s plan towards digital transformation and financial inclusion,” he said.
