The Amman, Jordan-based microlending platform Solfeh has reportedly raised $400K in a seed round led by Edgo VC – the venture capital arm of Edgo along with a few other regional angel investors and venture capitalists.
The platform provides same-day emergency cash advancements to salaried employees, in partnership with employers that allow the deduction of the amount in instalments directly from the salaries.
The startup will utilise the funds to expand its product offerings and extend footprints outside Jordan.
As reported by Magnitt, Solfeh has extended more than 3,000 loans over the past 18 months and has partnered with more than 60 employers to offer its services.
ⓘ Image Source: Magnitt