2PointZero, a subsidiary of Abu Dhabi-listed International Holding Company (IHC), has acquired ADVA, an Egyptian consumer finance company.
The buyout by Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, is part of its parent company’s $1 billion investment plan, the state-run Wam news agency reported.
ADVA will be Maseera’s technology and data analytics hub for North Africa, driving the latter’s regional expansion strategy. It will focus primarily on developing tailored financial products in Egypt’s burgeoning consumer finance market.
Since the launch of the 2020 Consumer Credit Law, the Egyptian Financial Regulatory Authority has licensed 42 consumer finance companies to lend money outside the banking system.
ADVA competes with the like of Valu, a popular buy-now-pay-later app, and MNT-Halan which has 2.2 million quarterly active users.
As part of its growth plan, ADVA has applied for Egypt’s first digital consumer finance license, enabling end-to-end onboarding through electronic know your customer (e-KYC) and binding e-signatures.
This move will reduce barriers to access for more than 50 million underbanked Egyptians, the statement said.
In February, 2PointZero CEO Mariam Almheir said the company is targeting a stock market listing in Abu Dhabi this year.
Last year, IHC established 2PointZero as a holding unit with more than AED100 billion ($27.23 billion) in assets. Its portfolio includes alternative asset manager Lunate, Egyptian financial services company Beltone Holding and IRH.
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