IDF Eurasia (Solva brand) announced an equity investment of $20 million with Neo Crystal Holdings Limited, a company backed by the Sawiris family and Zoser Capital Partners (ZCP). The company has further shared the following financial and operational updates: The equity investment aims to allow IDF Eurasia to further scale its digital financial products for micro, small, and medium enterprises (“MSMEs”) and boost job creation in the region.
IDF Eurasia reports plans to use a portion of the funding to support its ongoing transformation from a microfinance organization into a fully licensed SME-focused bank, which is expected in 2024. This transformation is aimed to significantly increase IDF Eurasia’s capacity and financing outreach, bring new funding sources from current accounts and deposits, and add transactional products to the offering. The equity investment also aims to speed up the company’s regional expansion plans, focused on bringing IDF Eurasia’s credit scoring platform across Central Asia.
“We are delighted to announce this new strategic partnership and excited about the future prospects. We believe that Solva will greatly benefit from having a well-known and respected international investor, and additional funding will accelerate the execution of our regional strategy and expansion plans. Having stepped into the active phase of transforming our company from an NBFI into a fully licensed bank, it is essential to have a knowledgeable and reliable international partner along our journey, who also shares our development vision and sustainability principles.”
About IDF Eurasia (Solva brand)
IDF Eurasia (Solva brand) operates under the brand’s Moneyman and Solva. It makes borrowing money convenient and affordable for anyone with an internet connection. The company uses state-of-the-art technology in its decision-making system, adheres to principles of responsible lending, and contributes to the sustainable financial development of society. IDF Eurasia (Solva brand)has been recognized as the most innovative financial company by the Innovation Time Award. Solva has entered the list of top five major MFIs according to the National Bank of Kazakhstan.
