(Ecofin Agency) - The platform is launched two months after GlobalCorp was acquired by a consortium consisting of Amethis, SPE Capital, and the EBRD. It will serve as an “All-In’ platform for all the consumer financing needs” in the Egyptian market.
Egypt-based non-banking financial institution GlobalCorp recently announced the launch of a platform that will finance essential consumer needs in the Egyptian market.
Called Ollin for Lifestyle Finance, the structure will operate as a one-stop financial shop providing car, home, school, healthcare, and travel loans. Its starting capital is EGP150 million (US$7.9 million). However, it will receive additional funding over time with the addition of new products and offers.
“The launch [...] is another milestone within our strategy of becoming a comprehensive NBFI platform offering the full range of financial products and covering different market segments,” indicates Hatem Samir, GlobalCorp founder, and CEO.
The institution is created almost two months after a consortium consisting of Amethis, SPE Capital, and the European Bank for Reconstruction and Development (EBRD) acquired a majority stake in GlobalCorp.
Through Olin, GlobalCorp, which offers a range of non-bank financial services, plans to "build a premium brand that goes beyond traditional installment offerings to deliver a unique and comprehensive customer experience and to become the trusted partner for our customers’ lifestyle aspirations and financial planning needs." The new institution will build on GlobalCorp’s experience and position in the Egyptian market. Its “near-term focus will be on scaling the operational capabilities, technology infrastructure and doubling the team size by the end of the year.”