Egyptian fintech startup oliv has secured Egypt’s first digital factoring license from the Financial Regulatory Authority (FRA).
oliv is a digital invoice financing company serving small and medium businesses, whose service involves minimal manual interactions and no technology requirements from clients and delivers funding in less than 48 hours.
The digital factoring license issued by the FRA is the first business lending license to be issued under the fintech law number five for the year 2022 and the FRA decree 268 for the year 2023, which is tailored for venture-backed fintech companies. It allows oliv to offer fully digital factoring and reverse-factoring services to Egyptian businesses.
“This unique license allows us to directly finance SMEs from our balance sheet with the simplest and fastest digital experience in the market. We are currently in strategic partnership discussions with several local banks and venture debt providers to diversify our funding sources and further support local SMEs with our innovative product,” said Hatem Sabry, oliv’s CFO.
By 2028, oliv aims to offer its factoring services to over 5,000 clients.
