Leading Fintech, Alif, has unveiled plans to raise $50mn through Sukuk issuances, signaling a strategic move to fuel the expansion of its subsidiary, Alif Moliya, in Uzbekistan.
Launched in 2019, Alif Moliya has rapidly secured over 35% of the POS lending market share in Uzbekistan with its innovative BNPL payment method, Alif Nasiya, and a flourishing customer base through the e-commerce platform Alif Shop. The year 2023 has proven to be a milestone for Alif Moliya, boasting significant year-on-year growth in revenue generation and customer acquisition.
The $50mn Islamic bond sale comes on the heels of a successful $58mn equity and debt funding round, spearheaded by Alif Capital Holdings' existing shareholder, Jefferson Capital. Alif Capital Holdings oversees a fintech portfolio serving more than 2mn customers in Tajikistan and Uzbekistan and is gearing up for expansion into additional markets in the Middle East and East Asia.
Khofiz Shakhidi, Chairman and majority shareholder of Alif Capital Holdings Limited, highlighted Alif's success in combining cutting-edge fintech solutions with ethical banking practices. Shakhidi expressed optimism about the bond sale, emphasizing its role in injecting growth capital for Alif Moliya's expansion in Uzbekistan and inviting investors to join Alif on its journey.
Nuriddin Lafizov, CEO of Alif Uzbekistan, remarked on the enthusiastic reception of their financial services in Uzbekistan, positioning Alif as a market leader in fintech. Lafizov expressed excitement about the future, anticipating a disruptive revolution in financial services across Uzbekistan.
"Since our launch, Uzbekistan has fully embraced our suite of financial services. We can proudly say that Alif is now recognized as one of the market leaders in fintech. We are only at the beginning of this exciting journey and I look forward to working to lead the disruptive revolution of financial services in Uzbekistan," Nuriddin Lafizov, shared.
Jefferson Capital, with a portfolio worth over $600mn, will play a crucial role in the Sukuk issuance. The Islamic bonds, structured in accordance with Shariah principles, offer investors a revenue-sharing model with a target return of 12%-14% APR in USD. Jefferson Capital will serve as the lead investment advisor, and CBH Bank will act as the lead underwriter.
About Alif Moliya
Founded in 2014 by Abdullo Kurbanov, Firdavs Mirzoev, and Zuhursho Rahmatulloev, Alif offers fintech banking services tailored to Central Asia's unique customer needs. Backed by Jefferson Capital, Alif holds a full banking license in Tajikistan and a payments license in Uzbekistan. Alif's services include alif mobi (a widely used mobile wallet), alif salom and alif nasiya (BNPL systems), and alif.shop (an online marketplace). Established in 2019 in Uzbekistan, Alif Moliya operates as a trading company, selling merchant goods to consumers through installment plans via its online platform and offline points of sale across Uzbekistan.
About Jefferson Capital
Jefferson Capital, a UK-based investment banking firm authorized and regulated by the FCA, provides comprehensive solutions for professional and institutional clients. Services include wealth structuring, asset protection, investment advisory, asset financing, corporate services, and private equity deal arrangements.
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