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5 Alternative Financing platforms digitising lending space in MENA

By Delisha Fernandes

May 07, 2024

  • AI
  • Alternative Financing
  • BeeHive
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Alternative Financing platforms in MENA are revolutionising the lending landscape by introducing innovative digital solutions to the traditional borrowing process. These platforms leverage technology to streamline lending operations, making access to capital more efficient and inclusive.

Through online marketplaces and peer-to-peer lending models, individuals and businesses can now secure loans with incredible speed and flexibility, bypassing the constraints of traditional banking systems.

With a focus on leveraging data analytics and digital payment solutions, these platforms are reshaping the financial ecosystem in MENA, empowering borrowers and investors alike while fostering economic growth and financial inclusion in the country.

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

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, 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 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 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 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.

ALSO READ: Global Lending Vendors & Landscape Report Q1 2024

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