Funding

ADVA, Egypt’s First Online Service Instalment Platform Raises Undisclosed Six-digit Seed Funding

Story Highlights
  • ADVA, Egypt’s first online service instalment platform, has announced the debut of its premium programmes, which allow users to borrow up to EGP one million.

The programmes, which reach around 85% of the intended audience, offer a variety of services to customers, with healthcare, education, and the instalment feature topping the list.

ADVA is a consumer finance platform founded by Rania Gaafar in 2020 that enables clients to pay for a broad range of services in instalments.

According to Rania Gaafar, CEO of ADVA, ADVA is distinctive in that it enables lending to a broad segment of society, including but not limited to those who earn basic and supplementary incomes, retirees, and self-employed individuals, by financing their essential needs in a way that improves their quality of life.

Through cash management, the ADVA service helps consumers maintain financial stability. The platform takes pleasure in the fact that around half of its users may get key services in less than 30 minutes.

In 2021, Gaafar anticipated ADVA’s business volume to be EGP 100 million. She stated that ADVA is predicted to be four times more this year than it was the previous year.

Explaining that it assists consumers in obtaining the money they require in a simple and straightforward manner by utilising a huge variety of premium service providers and cutting-edge technological ways.

Furthermore, Ahmed El-Alfi, the Founder and Chairman of Sawari Ventures, stated that the firm’s primary focus is on funding firms that have previously launched and demonstrated their viability while seeking extra funds to expand their scope of operation.

He went on to say that they put a six-figure sum into ADVA as a seed fund, seeing it as a genuine chance for startups and major financial institutions to collaborate.

As a vital aspect of the government’s aim for digital transformation and financial inclusion, this will result in a significant leap in fintech.

In order to cater for the requirements of its users, ADVA concentrates on growing its portfolio with a new package of installation services that includes wedding parties, car maintenance, insurance, and travel.

Source
TechBuild

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button