ADVA, an Egyptian fintech startup has raised unidentified seed funding of six-digit US dollars to expand its offering.
Rania Gaafar founded the company in 2020. ADVA is a consumer lending platform that allows customers pay for a wide range of products and services in installments.
Sawari Ventures has provided a seed round of six figures to the startup. It plans to use this money to expand its product offerings and to improve its financial services. ADVA will launch a new package that includes wedding parties, car maintenance and insurance, as well as travel.
“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. Cash management is a key component of our service, which helps customers maintain financial stability. 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.
Sawari Ventures’ founder and chairman Ahmed El-Alfi said that the firm was primarily focused upon financing startups with proven track records and seeking additional capital for expansion.
“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 with respect to fintech, as a key part of the government’s plan towards digital transformation and financial inclusion,” he said.