back Back

Solva secures $20m investment from the Sawiris family & ZCP

By Gloria Mathias

January 04, 2024

  • APAC news
  • Asia
  • Asia News
Share

Solva, Fintech News, Kazakhstan News, Kazakhastan Fintech, Funding news, Investment news, MSME, SME, Neobank, Asia, Loan, Lending, Kazakhstan-based Solva, a FinTech providing working capital solutions, has announced that it has raised a $20 million investment backed by the Sawiris family and ZCP.

The capital injection will allow Solva to further scale our digital financial products for millions of micro, small, and medium enterprises and boost job creation in Central Asia.

A portion of the funding will be used to support our ongoing transformation from a microfinance organisation into a fully licensed SME-focused bank, which is expected in 2024. The transformation will significantly increase the company’s capacity and financing outreach, bring new funding sources from current accounts and deposits, and add transactional products to the offering.

Boris Batine, Solva Co-founder, shared, “We are delighted to announce this new strategic partnership and excited about the prospects. We believe that Solva will greatly benefit from having a well-known and respected international investor, and additional funding will accelerate the execution of our regional strategy and expansion plans. Having stepped into the active phase of transforming our company from an NBFI into a fully licensed bank, it is essential to have a knowledgeable and reliable international partner along our journey who also shares our development vision and sustainability principles.”

The latest funding round led by the Sawiris family and ZCP will fulfil Solva’s mission to make financial products more accessible and inclusive and promote sustainable growth in the region.

Solva is a FinTech in Kazakhstan and a neobank for MSMEs and consumers in Central Asia. It has achieved the fastest credit approval level across all client segments and gained extensive credit risk expertise by assessing the credit eligibility of 50% of Kazakhstan residents.

It believes that small and medium-sized businesses are the bloodstream of the country’s economy and aims to build a strong entrepreneurial community across Kazakhstan and Central Asia.

Previous Article

January 04, 2024

Bumper raises $48m to expand payments offering in Europe

Read More
Next Article

January 04, 2024

Triterras & Mamun to offer short-term lending solutions to MSMEs in Oman

Read More








IBSi Daily News Analysis

digital wallets

March 01, 2024

APAC news

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

AsiaVerify & Visa to bolster digital payments and banking in APAC

Read More

Today

Saikyo Bank & nCino to boost operational efficiency and customer experience

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023