{"id":657133,"date":"2024-12-16T00:00:00","date_gmt":"2024-12-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/16\/oliv-receives-egypts-first-digital-factoring-license\/"},"modified":"2024-12-16T00:00:00","modified_gmt":"2024-12-16T00:00:00","slug":"oliv-receives-egypts-first-digital-factoring-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/16\/oliv-receives-egypts-first-digital-factoring-license\/","title":{"rendered":"Oliv receives Egypt\u2019s first digital factoring license"},"content":{"rendered":"

FRA hands Egypt\u2019s first digital factoring license to Oliv: <\/strong>SME-focused fintech firm Oliv<\/a> has secured Egypt\u2019s first digital factoring license from the Financial Regulatory Authority (FRA), according to a statement (pdf)<\/a> by the company. The move will see Oliv leveraging the government\u2019s e-invoicing infrastructure to bring a fresh product to the underserved SME financing market this week. We spoke with CEO Ziad Mokhtar (LinkedIn<\/a>) and CFO Hatem Sabry (LinkedIn<\/a>), the company\u2019s co-founders, to get the inside track on the company\u2019s vision and plans.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Digital factoring? <\/strong>Factoring is a transaction where a business sells its accounts receivable (invoices) to a third party (factor) at a discount in exchange for immediate cash. Digital factoring leverages online platforms to enable faster and more efficient invoice financing.<\/p>\n

The offering: <\/strong>Oliv will extend invoice-financing to SMEs in under 48 hours. \u201cThis is a breakthrough,\u201d said Mokhtar, seeing as the process typically takes weeks \u2014 if not months \u2014 with traditional factoring companies. \u201cWhat's unique about this is that [Oliv] is going to be the first ever digital factoring company to finance invoices without any paperwork whatsoever and implement a very quick data-driven process,\u201d Mokhtar explained.<\/p>\n

The mechanism:<\/strong> Oliv analyzes data from the e-invoicing platform \u2014 which the client gives the company access to upon registering through the app \u2014 along with information from the Egyptian Credit Bureau (I-Score) and other data. It runs its own algorithms to assess creditworthiness and assign a credit limit within minutes. \u201cClients select which invoices they want an early payment for and then they select how long it will take them to collect this money and pay it back to us. Then they are presented with the exact cost of this financing and they can sign the contract digitally,\u201d Mokhtar told us. <\/p>\n

There\u2019s only one physical touchpoint. <\/strong>The company collects repayment checks ahead of their due date. \u201cThis is why the process takes 48 hours and not 15 minutes,\u201d Mokhtar said.<\/p>\n

It\u2019s an entirely new domain for SMEs: <\/strong>\u201cSmall clients never really do factoring, so we\u2019re actually creating that market for this segment,\u201d said Mokhtar. It\u2019s not economically viable for traditional factoring companies to extend invoice financing to smaller businesses because the due diligence process is extensive regardless of transaction size, Mokhtar explained. \u201cIt doesn't make sense to go and visit, inspect the invoices, call clients, check the inventory, revise the financial statements, and make sure the documents are all sound. We believe the only way to make it economically viable is to provide the service digitally.\u201d<\/p>\n

So how much does Oliv finance?<\/strong> \u201cIt's part of our commercial strategy to focus on low tickets that are typically above the micro-finance ticket sizes,\u201d said Sabry. \u201cWe aim to finance up to EGP 5 mn pretty soon and then ramp up that amount next year. There's really no minimum amount.\u201d<\/p>\n

The company is in the process of raising more funds: <\/strong>\u201cWe're speaking with a number of banks and venture debt firms to be able to secure local currency debt facilities and we've identified a number of banks that are a strategic fit,\u201d said Sabry. \u201cWe\u2019re targeting a portfolio of EGP 200 mn next year and want a sizable portion of it to be financed using debt facilities.\u201d Oliv is backed by Cairo-based Algebra Ventures and San Francisco-based Alter Global. <\/p>\n

And wants to help grow the industry\u2019s client base 10x in three years: <\/strong>Oliv aims to serve over 5k clients by 2028, up from the 605 clients served by the entire factoring industry in 2023. \u201cBut I\u2019m sure that\u2019s just the beginning. Others will join and this will definitely stimulate the real growth of the sector,\u201d Mokhtar said. <\/p>\n

There\u2019s plenty of room for growth: <\/strong>Egypt\u2019s factoring volume is around USD 1 bn per year, while Turkey\u2019s is USD 27 bn, said Mokhtar. The size of the local factoring industry stood at EGP 44 bn in 2023, accounting for less than 0.3% of GDP. By comparison, Morocco's factoring industry represents over 2% of its GDP. \u201cIf the market is well-served, it could probably be a USD 8-9 bn market. We don't know how quickly we'll get there, but our mission is to move [the industry] towards that point,\u201d he said.<\/p>\n

More product launches will follow:<\/strong> The company plans to offer reverse factoring in 2025 to help its SME clients finance their purchases and close the cycle, Sabry said.<\/p>\n

Behind it all: <\/strong>Zaki Hashem & Partners provided legal counsel throughout the licensing process. Link Data Centers provided tech infrastructure and cybersecurity services and VLense provided the tech needed to implement digital identity, verification, and contracting capabilities. <\/p>\n","protected":false},"excerpt":{"rendered":"

Oliv will extend invoice-financing to SMEs in under 48 hours<\/p>\n","protected":false},"author":1,"featured_media":657134,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[72,183,595,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-enterpriseam","tag-fintech","tag-non-banking-financial-services","tag-smes","wpautop","entry"],"acf":{"mongo_id":"b5ccb90c-8750-4bcf-b875-01156879441e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oliv receives Egypt\u2019s first digital factoring license","related_issue":[657128],"teaser":"Oliv will extend invoice-financing to SMEs in under 48 hours","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.a1ee8325-92d5-40fe-bff9-d21f02187add.mp3"},"yoast_head":"\nOliv receives Egypt\u2019s first digital factoring license - 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Today\u2019s issue is packed with local, international, and cloud-based news, and a couple of recommendations if you\u2019re enjoying a night in.THE BIG STORY TODAY- Chinese steelmaker Wu\u2019an Xin Feng has a plan to set up\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657911,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/flend-secures-egypts-first-digital-nbfi-license-for-sme-finance\/","url_meta":{"origin":657133,"position":1},"title":"Flend secures Egypt\u2019s first digital NBFI license for SME finance","author":"enterpriseam admin","date":"29 December 2024","format":false,"excerpt":"Flend offers tech enabled, data driven financing solutions to SMEs in Egypt","rel":"","context":"In "FINANCIAL SERVICES"","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589081,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/gb-corp-launches-sme-lender\/","url_meta":{"origin":657133,"position":2},"title":"GB Corp launches SME lender","author":"enterpriseam admin","date":"21 June 2023","format":false,"excerpt":"GB Corp is bidding to capture a slice of Egypt\u2019s growing SME lending market with the launch of a new subsidiary, Kredit, it announced in a statement (pdf)yesterday. The lender has acquired a license from the Financial Regulatory Authority (FRA) and is now providing financial services to SMEs, which remain\u2026","rel":"","context":"In "NBFS"","block_context":{"text":"NBFS","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/nbfs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1060.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598384,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/egypts-fra-to-bring-sme-financing-under-2014-microfinance-law\/","url_meta":{"origin":657133,"position":3},"title":"Egypt\u2019s FRA to bring SME financing under 2014 microfinance law","author":"enterpriseam admin","date":"23 May 2019","format":false,"excerpt":"LEGISLATION WATCH- FRA to bring SME financing under 2014 microfinance law: Dedicated SME lenders including finance companies and NGOs could be governed under the 2014 microfinance law (pdf) after the Financial Regulatory Authority\u2019s (FRA) board of directors approved amendments to the legislation, the regulator said in a statement (pdf). The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":617189,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/efg-finance-is-launching-a-new-subsidiary-to-finance-smes\/","url_meta":{"origin":657133,"position":4},"title":"EFG Finance is launching a new subsidiary to finance SMEs","author":"enterpriseam admin","date":"18 March 2024","format":false,"excerpt":"The new venture will allow EFG Finance to bridge a gap in its product offerings","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/egypts-fra-to-finalize-leasing-and-factoring-act-executive-regs-by-end-march\/","url_meta":{"origin":657133,"position":5},"title":"Egypt\u2019s FRA to finalize Leasing and Factoring Act executive regs by end-March","author":"enterpriseam admin","date":"28 January 2019","format":false,"excerpt":"REGULATION WATCH- FRA to finalize Leasing and Factoring Act regulations by end-March: The Financial Regulatory Authority (FRA) is set to finalize by the end of March the executive regulations for the Leasing and Factoring Act, sources familiar with the matter said. The authority will outline in the coming two months\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=657133"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657133\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657134"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657133"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657133"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}