Kazakhstani fintech Solva eyes future as SME-focused bank following $20m investment
Solva, a provider of working capital solutions based in Almaty, Kazakhstan, is preparing to transition from a microfinance fintech into an SME-focused bank after landing a new $20 million investment.
Solva secures $20m investment from the Sawiris family in partnership with ZCP
The investment was backed by the Sawiris family of the Egyptian Orascom Group and Zoser Capital Partners (ZCP).
Founded in 2017, Solva offers digital lending products, including revolving credit lines, instalment loans and short-term working capital solutions, for small business owners in Central Asia.
Revealing the raise via LinkedIn, Solva says the capital injection will enable it to further scale its product lines and business scope, and more specifically, shift from being a non-bank financial intermediary (NBFI) to a fully licenced SME-focused bank, a move it now expects to complete this year.
Speaking on its latest investment, Boris Batine, co-founder of Solva, says the money will “accelerate the execution of our regional strategy and expansion plans” while the company stands to benefit from its newfound association with “a well-known and respected international investor”.
“Having stepped into the active phase of transforming our company from an NBFI into a fully licenced bank, it is essential to have a knowledgeable and reliable international partner along our journey, who also shares our development vision and sustainability principles.”
