Alif Raises $20 Million from Accial Capital to Boost Islamic Finance Services
Deal News | Dec 27, 2024 | Zawya
Alif, a leading fintech firm in Central Asia, has raised a $20 million debt investment from Accial Capital, a US-based impact private credit fund. The financing, facilitated by Nairang Capital and TMT Global Advisors, is aimed at improving Alif’s Nasiya service, which allows consumers in Uzbekistan to purchase goods and services on installment plans in accordance with Islamic finance principles. This funding underscores Alif's commitment to promoting financial inclusion and ethical financial practices in Uzbekistan. Additionally, it marks a significant milestone in Alif's ongoing efforts to establish a robust financial infrastructure in the region, reflecting continued trust and interest from international investors. Since entering the Uzbek market, Alif has secured over $150 million in investments, with its latest efforts elevating total funds raised for Uzbekistan in 2024 to roughly $50 million. Alif's strategic partnership with Accial Capital aligns with both companies' shared values of social responsibility and aims to foster financial wellness while boosting Alif's market position and capabilities.
Sectors
- Fintech
- Private Equity & Investment
- Islamic Finance
Geography
- Uzbekistan – The geographic focus of the article is on Uzbekistan, where Alif operates its Nasiya service and intends to improve its financial inclusion capabilities.
- United States – Accial Capital, the investing entity, is based in the United States, linking the investment transaction to this geography.
Industry
- Fintech – The article focuses on Alif, a leading fintech company providing advanced financial services and products, such as the Nasiya installment service, which aligns with the principles of Islamic finance.
- Private Equity & Investment – Accial Capital, a US-based impact private credit fund, is providing debt investment to Alif, highlighting interactions within the private equity and investment sector.
- Islamic Finance – The investment follows Islamic finance principles as Alif's services are Shariah-compliant, promoting ethical and socially responsible financial practices.
Financials
- 20,000,000 USD – The debt investment amount secured by Alif from Accial Capital to enhance the Nasiya service and promote financial inclusion in Uzbekistan.
- 150,000,000 USD – Total amount Alif has raised in equity and debt investments since entering the Uzbek market.
- 50,000,000 USD – Total funds raised by Alif for Uzbekistan from international investors in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alif | Target Company | Company | A leading fintech firm in Central Asia operating in Uzbekistan, Tajikistan, and Pakistan, known for its Nasiya service and adherence to Islamic finance. |
| Accial Capital | Investor | Company | A US-based impact private credit fund manager focused on promoting financial inclusion and wellness globally. |
| Nairang Capital | Advisory Support | Company | One of the advisors facilitating the investment deal between Accial Capital and Alif. |
| TMT Global Advisors | Advisory Support | Company | Provided advisory support for the investment transaction between Accial Capital and Alif. |
| Jefferson Capital Holdings Limited | Existing Shareholder | Company | An existing shareholder and seed investor of Alif, with significant historical contributions to its funding. |
| Nuriddin Lafizov | CEO of Alif | Person | Chief Executive Officer at Alif, responsible for steering the company’s strategic direction and growth in Uzbekistan. |
| Deborah de Rooij | Chief Investment Officer at Accial Capital | Person | Responsible for leading investment strategies at Accial Capital, focusing on expanding financial health in Uzbekistan through this investment. |