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Kazakhstani fintech Solva eyes future as SME-focused bank following $20m investment

January 6, 2024

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.