Jordan-based fintech liwwa has closed an $18.5 million pre-Series B round of equity and debt. The $4.5 million in equity investment was led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $790,000.
The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5 million, while an additional $8.5 million debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1 million and a $2.2 million finance facility respectively, PROPARCO approved a €1 facility and Triple Jump approved a $500,000 loan.
Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns.
liwwa will utilise the funds for its growth and expansion plans.
Press release:
Jordan-based Fintech liwwa closed an $18.5 million pre-Series B round of equity and debt. Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns.
The round included $4.5 million in equity investment led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $0.79 million.
The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5 million, whereas an additional $8.5 million debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1 million and a $2.2 million finance facility respectively, PROPARCO approved a €1 facility and Triple Jump approved a $500,000 loan.
liwwa will be utilizing the funds for its growth and expansion plans. liwwa’s CEO, Dennis Ardis, shared his thought on the funding round, “With this funding round, we have yet taken another major step towards accomplishing our goals.
We will continue to grow as the market grows by bringing in innovative Fintech solutions and cash flow-based lending."
