2017 was a big year for liwwa as we focused on scaling up our operations while maintaining solid portfolio quality.
In 2017 liwwa underwrote $5.2 million across 125 loans, more than doubling the value underwritten from the previous year. This brings our total lending to over $8.2 million. We saw steady business coming from repeat borrowers, which accounted for 42% of our total lending in the year. And on the lender side, retail investors have now lent close to $2 million through the marketplace since inception.
liwwa remains committed to the mission of delivering job and income growth in the markets we serve. Through our lending activity to date we have supported 475 jobs in Jordan, as well as helped generate $1.8 million in income and $13.05 million in output to the Jordanian economy.
Funding: liwwa has raised $5.55 million from investors and $6 million in debt to date.
Partnerships: We secured two new bank partnerships with Société Générale and Ahli Bank, as well as increased the investment limit from each of our existing bank partners, Bank Al Etihad, Capital Bank, and Arab Bank. We also closed a debt investment from the Dutch Good Growth Fund.
Team Growth: We continued to build the team in order to increase capacity. liwwa now employs 24 people across our Amman and NY offices.
Research Expertise: The ongoing efforts from our Research and Data Science Team have enabled us to start leveraging machine learning technology in driving credit assessment efficiencies, and using predictive modeling in credit assessment. They also paired up with economists at the University of Chicago to research investment behavior; this work subsequently won a research design award from the University of Chicago Summer Institute on Field Experiments (SIFE)