(Ecofin Agency) - Liwwa, a fintech that provides small and medium-sized enterprises (SMEs) with short-term online loans of up to $100,000, has secured a $6 million equity investment led by Dutch development finance institution FMO. The latter participated in the fundraising through the FMO Ventures Program, an initiative that aims to make direct equity investments in innovative and start-up companies, primarily in Africa.
The operation also saw the participation of foreign venture capitalists and business angels. Liwwa will use the resources to continue its growth in Jordan and Egypt; two markets with huge potential and where access to capital remains limited, according to CEO Ahmed Moor (pictured).
The company says it has provided loans to SMEs for a total amount equivalent to $40 million. It plans to develop new services dedicated to microenterprises. “In time we aim to offer the whole range of products an SME may need to thrive in our markets,” says Ahmed Moor.
This financial contribution brings the total amount of funds raised to date by Jordanian Liwwa to just over $12 million. The technology company also took on $15 million in debt to strengthen its business.