While we plan for the year ahead, it is also an important time for us to reflect on the achievements of the last 12 months. In 2016 liwwa underwrote $2.3 million across 66 loans. Our average loan size was $24,000.
As we grow, we remain committed to our mission of delivering job and income growth in the markets we serve. We continue to excel at customer service and maintain our promise to borrowers by reviewing all loan applications within 48 hours.
Funding: Closed an equity round of funding for $2.3 million, led by Silicon Badia, in April 2016.
New Market: Extended our underwriting services to the UAE in October 2016.
Team Growth: Recruited new talent to help drive our underwriting efficiencies and capability. Grew from a team of 5 to a team of 17. Launched a new Data and Tech office in New York. Opened a representative office in Dubai.
Research Expertise: Set up an in-house team of experts dedicated to analyzing the market and the impact of our lending activities, with the view of making the majority of this research public.
Partnerships: Increased the investment size with each of our bank lending partners, Bank Al Etihad, Capital Bank, and Arab Bank.
Regulatory Development: Worked with the Central Bank of Jordan to provide input into a new set of financial services regulations. Kicked off the process of obtaining regulatory approval in the UAE.
We have also created our first infographic which gives an overview of the Jordanian market, our cumulative lending activities, and our borrowers.