Liwwa to invest portion of USD 3 mn pre-series funding in expanding SME business in Egypt
Amman-based fintech startup Liwwa plans to raise USD 3 mn in pre-series B funding to expand its SME lending in Egypt and Jordan, CEO Dennis Ardis told Arabian Business. Part of the funds will go towards obtaining an SME lending license in Egypt, expanding the business, and growing the tech team, Ardis said. Liwwa has so far raised USD 1.3 mn of its USD 3 mn equity target through backing from FMO, DASH Ventures, Bank al Etihad, Edgo and the Palestinain Al-Qattan family.
The company is gunning for a March 2022 start to its series B fundraising round. This comes in addition to the USD 6 mn in equity investment the startup secured last year during a round led by Dutch development bank FMO.
The company has also signed a USD 2.2 mn debt financing agreement with Triodos Fair Share Fund and Triodos Microfinance Fund to enhance lending capabilities to SMEs in Jordan.