Alif, a fintech group based in Central Asia, has landed a $20 million debt investment from Accial Capital, a US-based private credit fund manager.

Alif provides a range of financial services through its mobile app, Alif Mobi, including money transfers and mobile and card payment solutions. Alif also offers POS financing and operates Alif Shop, a marketplace featuring over 250 partner stores.

The company currently operates in Uzbekistan, Tajikistan, and Pakistan, and is preparing to enter the UAE market.

Alif says the debt funding will be used to fuel the growth of its Nasiya service, which provides Shariah-compliant retail financing for consumers in Uzbekistan to buy goods and services in instalments, as the company looks to strengthen its market position and “promote financial inclusion in Uzbekistan”.

The partner of Fintech section is