Egyptian fintech startup ADVA has raised an undisclosed six-digit US dollar seed funding round to help it expand its offering.
Founded in 2020 by Rania Gaafar, ADVA is a consumer lending platform that allows customers to pay for a wide variety of services and products in installments.
The startup has now raised a six-figure seed round from local VC firm Sawari Ventures, which it plans to use to expand its product offering and the scope of its financial services. ADVA plans to launch a new package of installment services that include 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 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.
Ahmed El-Alfi, founder and chairman of Sawari Ventures, said his firm mainly focused on financing startups that have already proven themselves, and are seeking additional capital to expand 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.