Wamda has participated in Amman-based Liwwa's $6 million investment round. The investment was led by FMO, the Dutch Entrepreneurial Development Bank with participation from 500 Startups, Chris Larsen, Edgo VC, EFG-EV, and Wamda, among other existing investors such as Bank al Etihad, DASH Ventures and Silicon Badia.
The financial technology (fintech) startup, which aims to improve current inefficiencies in the Middle East and North Africa's (Mena) payment landscape by leveraging technology to offer business loans to small and medium-sized enterprises (SME), also raised $15 million in debt.
The investment will be used to fund its expansion to Egypt, a market characterised by high growth and limited access to capital and will also fuel its growth in Jordan.
Founded in 2013, Liwwa offers business loans of up to $10,000 in two days and owns and operates an online marketplace for loans - effectively a securitisation engine - alongside its core underwriting technology.
The company has so far provided roughly $40 million in debt to qualifying SMEs.
“We see enormous potential in these markets and we’re committed to our mission of delivering jobs where they’re needed,” said Ahmed Moor, Liwwa’s co-founder and CEO.
Liwwa has developed a range of lending products and aims to develop other, non-loan services for its SME customers.
“In time, we aim to offer the whole range of products an SME may need to thrive in our markets,” said Moor.
Liwwa has raised more than $12 million to date.