Jordan-based liwwa has secured US$18.5 million in pre-series B funding comprising equity and debt funding which it will channel toward supporting its expansion plans.
Established in 2015 providing solely Shariah compliant financing, the peer-to-peer (P2P) financing platform eventually expanded its product suite to include conventional instruments as well, a liwwa spokesperson told IFN Fintech.
The round included US$4.5 million in equity investment led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank, Edgo and Bank Al Etihad. German Development Finance Institution invested US$790,000.
The round also included debt contributions from a network of local banks and international development finance institutions. Bank Al Etihad increased its debt financing agreement by US$5 million, whereas an additional US$8.5 million debt facility was raised from the Capital Bank of Jordan under a risk-sharing financing agreement, NASIRA. Jordan Kuwait Bank and Triodos Bank extended a US$1.1 million and a US$2.2 million finance facility respectively, while PROPARCO approved a EUR1 million (US$991,804) facility and Triple Jump approved a US$500,000 loan.
liwwa will be utilizing the funds for its growth and expansion plans. liwwa’s CEO, Dennis Ardis, shared his thought on the funding round, “With this funding round, we have yet taken another major step towards accomplishing our goals. We will continue to grow as the market grows by bringing in innovative Fintech solutions and cash flow-based lending,” commented liwwa CEO Dennis Ardis.