To promote AI-powered financial inclusion, the Abu Dhabi-based, IHC-owned Maseera has acquired the Egyptian consumer finance platform ADVA.
ADVA is a buy now, pay later (BNPL) platform that was established in 2020 and gives customers access to short-term credit so they can pay for things over time.
ADVA is now Maseera’s dedicated technology and data analytics hub for North Africa after being acquired by Maseera Holding for Financial Investments, based in Abu Dhabi, which is a portfolio company of International Holding Company’s (IHC) subsidiary 2PointZero.
In order to facilitate end-to-end onboarding via electronic Know Your Customer (e-KYC) processes and legally binding e-signatures, ADVA has applied for Egypt’s first digital consumer finance license as part of its next stage of expansion.
“Together, we will harness the power of data and AI to deliver transformative financial solutions tailored to Egypt’s middle and low-income segments,” said Amro Abouesh, CEO of Maseera.
