Liwwa
“Can a Jordanian SME lender become the embedded credit infrastructure for banks and platforms across the MENA region through API-first underwriting?”
Founded2013
HQAmman, Jordan
FoundersAhmed Moor, Samer Atiani
Total raised$36.6M
Latest roundPre-Series B
IndustryFintech / Lending
The story
Founded in 2013 as a peer-to-peer crowdfunding marketplace inspired by the Arab Spring, liwwa initially connected retail investors with Jordanian SME borrowers. As institutional capital proved more scalable, liwwa shifted its funding mix so that over 85% of its portfolio is now financed through local banks and international partners rather than retail crowd. The retail investor marketplace was formally closed to new investment, and liwwa pivoted to focus on direct SME lending, Sharia-compliant loan products, and an API-based 'Underwriting-as-a-Service' model for bank and fintech partners.
Product timeline
2013
Founded as a peer-to-peer crowdfunding/lending platform for SMEs in Jordan, inspired by the Arab Spring.· lending
2016
Launched retail investor marketplace enabling crowd-funded SME loans; retail investors contributed $12.6M in total financing.· lending
2019
Raised $6M to fuel growth of SME lending marketplace in Jordan and Egypt.· lending
2021
Raised $18.5M Pre-Series B round and signed $10M revolving line of credit with Capital Bank of Jordan.· lending
2022
Launched Underwriting-as-a-Service in strategic partnership with Capital Bank of Jordan.· lending
2023
Closed liwwa Marketplace to new retail investment, shifting to institutional funding (85%+ of portfolio financed via local banks and international partners).· pivot
2024
Secured $5M loan from DFC (US Development Finance Corporation) to enhance SME support in Jordan; launched liwwa Partners API for embedded lending.· lending
The stack
1 layer disclosed in Liwwa’s embedded-finance stack
Lending
Murabaha (fixed assets and trade finance)Point of Sale LoanWorking CapitalCheck DiscountingUnderwriting-as-a-Service (via Partners API)
Accounting gap: none