Micro-lending platform Solfeh has received a direct investment from Innovative Startups and SMEs Fund, whose goal is to elevate Jordan's entrepreneurial ecosystem.
Solfeh, a fintech micro-lending online platform that offers emergency cash advancements to salaried employees, just announced a direct investment of USD 150,000 (over JOD 100,000) from Innovative Startups and SMEs Fund (ISSF). The investment, made in January 2021, accentuates the strategy of the ISSF to support 150 to 200 local innovation companies.
Solfeh presents socioeconomically-sustainable financial and commercial services that benefit employees and business owners alike. This is done through the delivery of emergency micro-loans to salaried staff in coordination with their companies, with amounts ranging from JOD 200 to JOD 1,000. They also offer a flexible tenor of up to 25 months via a fully automated process that takes a maximum of 30 minutes for users to secure their money.
The company specifically targets low-income companies, and facilitates their continuity and sustainability by enabling them to maintain their liquidity, cash reserves and human resources. Essentially, employees of these establishments can request a loan without the need for a guarantor and select their suitable payment scheme, after which the business owner either approves or declines the application, with the option of directly overseeing and following up on the installment plan.
ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem.