Jordanian Fintech Startup liwwa Raises $18.5 Million Pre-Series B
Founded in 2015 by Ahmed Moor and Samer Atiani, liwwa provides loans to small businesses in Jordan and Egypt.
Jordan-based fintech company liwwa has raised $18.5 million in a pre-Series B round with equity investment and debt financing.
The equity investment, comprising $4.5 million, was led by existing investors DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, Bank al Etihad, and German Development Finance Institution DEG. The remaining amount was raised in debt financing from regional and international development financial institutions including, Bank Al Etihad, Capital Bank of Jordan, Jordan Kuwait Bank, Triodos Bank, PROPARCO, and Triple Jump.
Founded in 2015 by Ahmed Moor and Samer Atiani, liwwa provides loans to small businesses in Jordan and Egypt. It also owns and operates an investment platform, enabling retail investors to finance liwwa loans and earn returns.
The funding will be used to further grow the startup and expand into new markets. “With this funding round, we have yet taken another major step towards accomplishing our goals,” CEO of liwwa Dennis Ardis tells StartupScene. “We will continue to grow as the market grows by bringing in innovative fintech solutions and cash flow-based lending."
In December 2019, liwwa raised $6 million in equity investment to further grow in Egypt and Jordan.
Investments in fintech startups in the MEAPT region have reached almost $1 billion so far this year, according to data platform Magnitt. Funding grew by 243% in Q1’22 compared to the same period last year. Some of the startups in MENA driving this growth include Bahrain’s cryptocurrency platform, Rain, which raised $110 million; Saudi Arabia’s Tamara, which also raised $100 million; and UAE’s NymCard, which raised $22 million.