FinTech Alif secures $20m debt investment from Accial Capital

By Gloria Methri

Uzbek FinTech Alif has raised a $20 million debt investment from Accial Capital, a US-based impact private credit fund manager. The deal was facilitated with advisory support from Nairang Capital and TMT Global Advisors.

The funds will be allocated to enhance Alif’s Nasiya service’s capabilities, strengthen its market position, and promote financial inclusion in Uzbekistan.

Through the Nasiya service, Alif provides consumers with Shariah-compliant retail finance for goods and services for up to 24 months. All funds raised are structured under the principles of Islamic finance, underlining Alif’s commitment to Shariah compliance and ethical financial practices.

“Partnering with Accial Capital is a great step toward enhancing financial inclusion for our users. Accial Capital shares our values of social responsibility and ethical finance. We are confident that this partnership will help us scale our solutions and contribute to developing a sustainable and accessible financial sector,” said Nuriddin Lafizov, CEO of Alif in Uzbekistan.

Deborah de Rooij, Chief Investment Officer at Accial Capital, said, “We are proud to partner with Alif to expand financial health in Uzbekistan, helping customers access essential goods that improve their quality of life. Alif’s proven track record of fostering responsible lending aligns perfectly with Accial Capital’s mission to support widespread financial health and inclusion. We were impressed by the talent and diversity of Alif’s team in Uzbekistan, and we look forward to supporting the company’s ongoing growth and success.”

With this latest investment, the total funds raised by Alif for Uzbekistan from international investors in 2024 have reached approximately $50 million. Since entering the Uzbek market, Alif has attracted over $150 million in equity and debt investments for Uzbekistan, reflecting the company’s consistent growth and investors’ trust in its pivotal role in developing financial infrastructure in Central Asia.