Egyptian Fintech, ADVA, raises Undisclosed Six-digit Seed Funding from Sawari Ventures
Egyptian fintech startup ADVA has announced an undisclosed six-digit seed funding round to help it expand its offering. Local VC firm Sawari Ventures led the round.
Rania Gaafar founded ADVA in 2020 as it became Egypt’s first online service installment platform. The startup’s consumer lending platform allows customers to pay for various services and products in installments. Users could borrow up to $53k.
“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 for fintech, as a key part of the government’s plan towards digital transformation and financial inclusion,” he said.
A Look at what ADVA Offers
Rania Gaafar created ADVA in 2020, a consumer finance platform that allows customers to pay for various services in installments.
“ADVA is unique in that it enables lending to a broad segment of society, including but not limited to those who earn basic and supplementary incomes, retirees, and self-employed individuals, by financing their essential needs in a way that improves their quality of life,” said Gaafar.
The ADVA program assists users in maintaining financial stability through cash management. In addition, the platform takes pride in that nearly half of its consumers may receive critical services in under 30 minutes.
To cater to the requirements of its users, ADVA concentrates on growing its portfolio with a new package of installation services that includes wedding parties, car maintenance, insurance, and travel.
The startup will use the new round to expand its product offering and the scope of its financial services. ADVA plans to launch a new installment service package that includes wedding parties, car maintenance, insurance, and travel.