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FinTech startup Liwwa raises $6 million in investment round

LiwwaAmman-based Liwwa has closed $6 million in its investment round led by FMO, the Dutch Entrepreneurial Development Bank and having 500 startups, Chris Larsen, Edgo VC, EFG-EV, and Wamda, among other existing investors such as Bank al Etihad, DASH Ventures and Silicon Badia, to participate in the funding round.

The FinTech startup aims to improve the payment landscape in the Middle East and North Africa’s (MENA) region by leveraging technology to offer business loans to small and medium-sized enterprises (SMEs). Liwwa has raised $15 million in debt. The company has developed a range of lending products and has revealed its plans to develop non-loan services for its SME customers.

“We see enormous potential in these markets and we’re committed to our mission of delivering jobs where they’re needed,” stated Ahmed Moor, Co-Founder & CEO, Liwwa. “In time, we aim to offer the whole range of products an SME may need to thrive in our markets,” he added.

The investment will be used to fund Liwwa’s expansion in Egypt, a market said to be characterised by high growth and limited access to capital; and will also fuel its growth in Jordan. The company has provided roughly $40 million in debt to qualifying SMEs, so far and has raised over $12 million, to date.

Founded in 2013, the startup provides business loans of up to $10,000 in 2 days and, owns and operates an online marketplace for loans which is effectively a securitisation engine, alongside its core underwriting technology.

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