Challenger bank Alif secures $58m to expand geographical reach

Tajikistan-based FinTech Alif has raised $58m UK-based investment vehicle Jefferson Capital to grow its market footprint across Central Asia and worldwide.

Alif reeled in $8m in equity funding and $50m in debt capital from Jefferson, a company that is an existing shareholder in Alif.

Alif holds a full banking licence in Tajikstan as well as a payments licence in Uzbekistan. The company claims to have over 700,000 thousand users as well as a team of over 800.

The firm markets a mobile wallet, an online marketplace and a buy now, pay later system. The company’s products are developed in line with Shariah-compliance.

According to Alif, it will use the newly raised capital to consolidate its operations in Tajikistan, Russia and Uzbekistan and will also use the money to support its expansion into international markets.

Jefferson Capital chairman of the board Khofiz Shakhidi said, “We are proud to be backing Alif. In the space of just seven years, Alif has grown to become one of Central Asia’s leading fintech companies. We believe Alif is on track to becoming one of the world’s leading Islamic fintechs, and we are ready to commit our resources to fund Alif’s international efforts.

“A big factor of Alif’s success comes from the commitment and hard-work of Alif’s talented team. Central Asia is ripe with talented individuals and part of Alif’s mission is to ensure the adequate training and facilities are in place to help our employees reach their full potential. In recognition of all their work, we are pleased to be offering ESOPs to the entire Alif team.”

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