Kazakhstan fintech Solva raises USD 20 million in bid to become a bank

Date:

Share post:

Leading Central Asian fintech company Solva, with its headquarters located in Almaty, Kazakhstan, announced a USD 20 million equity investment with Sawiris family- and ZCP-backed Neo Crystal Holdings Limited.

With the infusion of capital, Solva will be able to expand the reach of its digital financial products to millions of micro, small, and medium-sized businesses (“MSMEs”) and create more jobs in the area. Part of the funds will be used by Solva to support its continuous transition, which is anticipated to be completed in 2024, from a microfinance organization into a fully licensed bank with a focus on SME financing.

The company’s plans to expand regionally, aimed at introducing Solva’s inclusive finance principles and credit scoring platform to Central Asia, will also be expedited by the equity investment.

Read More: Kazakhstan fintech Solva raises $20 million in bid to become a bank

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

BNP Paribas and Ant International Partner To Improve Cross-Border Payment Solutions In Europe

BNP Paribas, a bank in the European Union, has partnered with Ant International, a digital payments and financial...

Wirex And Visa Collaborate To Promote Use Of Digital Currencies In The UK And The European Economic Area (EEA)

Wirex, a Web3 money app, and Visa, a leader in digital payments, have announced a partnership to promote...

Transend Partners With Midland States Bank To Offer Innovative POS Solutions

Transend, a company that offers working capital solutions to businesses, has announced a new partnership with Midland States...

Three in ten adults have been a victim of financial fraud; spurring industry to continue investment to protect consumers

As fraud rates continue to rise, nearly all adults in the UK (94%) now say they are taking...