- Solva, based in Almaty, Kazakhstan, is transitioning from a microfinance fintech to an SME-focused bank with a new $20 million investment.
- The investment comes from the Sawiris family of the Egyptian Orascom Group and Zoser Capital Partners (ZCP).
- Solva, founded in 2017, provides digital lending products for small business owners in Central Asia, including credit lines, installment loans, and working capital solutions.
- The investment will allow Solva to scale its product lines and business scope, facilitating the shift from a non-bank financial intermediary (NBFI) to a licensed SME-focused bank, expected to be completed this year.
- Boris Batine, co-founder of Solva, sees the investment as crucial for accelerating regional strategy execution and expansion plans, emphasizing the importance of a reliable international partner in the transformation journey.
Kazakhstani fintech Solva eyes future as SME-focused bank following $20m investment
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