Fintech Solva has raised $20 million from the largest Middle Eastern investors

Leading Kazakh fintech company Solva announced the closing of a $20 million investment deal. The main investors were the owners of the international Orascom conglomerate, prominent entrepreneurs the Sawiris family, together with partners from the ZCP fund.

Most of the funds raised will be used by Solva as part of its ongoing transformation from a microfinance organization into a second-tier bank. The future bank will focus on serving the micro-, small, and medium-sized business segment and, in addition to financing, will offer transactional products specifically tailored to the needs of entrepreneurs. The raised funds will also accelerate the implementation of Solva's regional expansion strategy in Central Asian countries, with a focus on business financial products.

New shareholders entered the capital of CK Solva Group Ltd, a holding company registered in the Astana International Financial Centre (AIFC), and became owners of preferred shares of JSC MFO "OnlineKazFinance" through a specially created company, Neo Crystal Holdings Ltd, registered in Abu Dhabi.

Source: er10.kz