Jordan-based fintech Capifly announced it secured a $1 million pre-seed funding round from investors including Oasis500, BLDR Ventures, Joa Capital, Ahli Fintech, along with other angel investors from Jordan, and KSA, according to a company statement.
The Fintech offers non-dilutive Sharia-compliant venture debt for growth startups.
Capifly is to start a $10 million non-dilutive capital facility to empower the digital economy after recently expanding into Saudi Arabia to support its regional growth.
Capifly unlocks value in the digital economy by bringing proprietary credit scoring technology to an expansive range of digital sectors – from SaaS, enterprise software, content, gaming, ads, light asset marketplaces, and all internet-based virtual goods.
Dunya Bashiti, Capifly’s co-founder & CEO, said, “Our vision positions Capifly at the forefront of the internet’s GDP growth. Our unique technology isn’t just for our use; we’re gearing up to underwrite debt for other financial institutions, solidifying Capifly’s key role in the digital era”.
Capifly has several supporters of early investors and backers, including Oasis500, BLDR Ventures, Joa Capital, Ahli Fintech (Jordan Ahli Bank’s wholly-owned subsidiary), and remarkable angel investors from Jordan and KSA.
“The journey is just beginning, and their continued support propels us forward”
Capifly‘s strategy includes expansive plans across emerging markets pivotal for Islamic financing, especially Southeast Asia where they have already created a foothold through a registration in Malaysia.
The current size of the virtual goods market across MENA is estimated at over $15 billion and is estimated to grow to $25 billion by 2025.
With the addition of non-dilutive capital from players like Capifly, the market could even grow faster and more exciting.
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