Alif secures $20m debt investment from Accial Capital to boost financial inclusion in Uzbekistan
Alif, a fintech group based in Central Asia, has landed a $20 million debt investment from Accial Capital, a US-based private credit fund manager.
Alif secures $20 million debt investment
Founded in 2014, Alif provides a range of financial services through its mobile app, Alif Mobi, including money transfers and mobile and card payment solutions. Alif also offers point-of-sale (POS) financing and operates Alif Shop, a marketplace featuring over 250 partner stores.
The company currently operates in Uzbekistan, Tajikistan, and Pakistan, and is preparing to enter the UAE market.
Alif says the debt funding will be used to fuel the growth of its Nasiya service, which provides Shariah-compliant retail financing for consumers in Uzbekistan to buy goods and services in instalments, as the company looks to strengthen its market position and “promote financial inclusion in Uzbekistan”.
The fintech claims that since entering the Uzbek market in 2019, it has secured “over $150 million in equity and debt investments for Uzbekistan”.
Accial Capital’s expanding investment portfolio also includes the likes of Mexican corporate spend management platform Clara. In March 2023, Clara secured up to $90 million in debt financing from Accial to expand its presence in Colombia.
