5 Alternative Financing platforms digitising lending space in MENA

Let’s look at 5 Alternative financing platforms digitising the lending space in MENA:

• Beehive

Beehive, an e& enterprise company based in Dubai, is the first peer-to-peer (P2P) lending platform in MENA to be regulated by the DFSA. The platform applies the innovative technology of crowdfunding to eliminate the cost and complexity of conventional finance, meaning investors get better returns and businesses get faster access to lower cost finance.

• Lendo

Lendo, a FinTech startup based in Saudi Arabia, is set to launch a Peer-to-Peer lending platform with core focus towards SMEs debt finance. The platform offers a variety of financing products for SMEs with an initial focus towards pre-invoicing finance. Lendo is the first company in Saudi Arabia to get a license by the Central Bank of Saudi Arabia in Crowd-lending domain.

• Qardy

Qardy is an online lending marketplace in Egypt and MENA that allows financial institutions to fund MSMEs. Qardy offers the fastest and easiest access to financing through a fully-digital experience through partnership with top financial institutions in Egypt. Qardy aims to bridge the debt financing gap between financial institutions and MSMES, Whereby FIS will achieve financial inclusion while MSMEs grow their businesses via clear, efficient and hassle free experience.

• Tabby

Tabby creates financial freedom in how people shop, earn, and save by reshaping their relationship with money. The platform has obtained a license from the Saudi Central Bank – SAMA to provide BNPL solutions. Tabby is active in Saudi Arabia, UAE and Kuwai, and is valued at $660 million in its latest round of funding from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.

• Tamara

Tamara is a shopping and payments platform in Saudi Arabia and the GCC region, that aims to empower people in their daily lives and revolutionise how they shop, pay and bank. Tamara is the first well-established BNPL FinTech to have been granted a permit by the Saudi Central Bank – SAMA after completing a trial period in their Regulatory Sandbox. The platforms provide solutions to customers and partner merchants to drive innovation and deliver exceptional financial services.