Jordan-based fintech liwwa has closed an $18.5 million pre-Series B round of equity and debt.
Existing investors DASH Ventures, Dutch development bank FMO, Edgo and Bank al Etihad led the $4.5 million equity raise, while German Development Finance Institution DEG invested $790,000.
The debt financing came from several local banks and international entities, including Bank al Etihad, which increased its debt financing agreement by $5 million, and Capital Bank of Jordan, which increased its deal by $8.5 million. Triodos Bank, a European ethical bank, extended its $2.2 million finance facility, while Jordan Kuwait Bank extended a $1.1 million finance facility.
Founded in 2013 and based in Amman, liwwa lends to small businesses in Jordan and Egypt. It also operates a marketplace for SME loans – a peer-to-peer lending network – where investors can purchase loan receivables.
liwwa says it will deploy the new funds towards its growth and expansion plans.