Abu Dhabi's Maseera Acquires Egyptian Fintech ADVA

Maseera Holding for Financial Investments (MHF), a company in Abu Dhabi, has acquired Egypt-based fintech platform ADVA. This shows a great milestone in the fintech and consumer-finance sectors in North Africa.

ADVA was founded in 2020 and is a buy now, pay later platform that offers short-term credit to allow consumers to pay for the essentials, such as healthcare and education. This purchase places ADVA as Maseera’s exclusive technology and data analytics centre for the region.

Maseera Holding has the backing of 2PointZero, a subsidiary of Abu Dhabi’s International Holding Company (IHC). The acquisition supports Maseera’s goals to grow and improve financial access for people in places that need it. Earlier this year, 2PointZero allocated $1 billion of permanent capital to its Maseera company, which aims to construct a cross-continent platform for accessible finance. The acquisition deal reflects Maseera’s desire to transform digital finance with latest technology and data.

ADVA has become a market leader in Egypt’s fintech sector with products for the less privileged and middle-class which are ignored by banks. AI-driven credit scoring models that uses alternative data, such as mobile usage insights, to underwrite first time borrowers. By using this approach they have opened up financial access at scale, making ADVA an important player in Egypt’s consumer finance.

After the acquisition, ADVA intends to apply for Egypt’s first digital consumer finance licence. The authorities’ll able to conduct electronic Know Your Customer (e-KYC) verification and offer legally binding e-signature. ADVA is targeting more than 50 million underbanked Egyptians, which the company hopes to achieve by lowering the barriers of access.

The company’s objective also aligns with several national priorities, allowing for greater integration and coordination with the state’s initiatives as it relates to providing financial inclusion and digitizing Egypt’s economy. Amro Abouesh, CEO of Maseera, expressed his optimism about the partnership: “In ADVA, we found a company that shares our vision and values, particularly the belief that financial services should be accessible, affordable, and human-centered. Together, we will harness the power of data and AI to deliver transformative financial solutions tailored to Egypt’s middle- and low-income segments.”

This collaboration is expected to provide better access to credit for groups that have been overlooked till now as well as faster and more personalized loan solutions. The acquisition of ADVA also shows Maseera’s commitment to leveraging cutting-edge AI technologies to revolutionize customer experiences in digital finance.

Maseera intends to develop a more inclusive and efficient platform that seeks to better cater to Egypt’s people through the incorporation of these technologies into ADVA’s operations. In its new growth phase under the stewardship of Maseera, ADVA will pivot exclusively towards creating financial products catering to essential life needs. The firm intends to grow within Egypt and contribute to advancing fintech in North Africa.

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