Beehive officially launches its crowdfunding platform in Oman

By Leandra Monteiro

FinTech company Beehive, a Capital Market Authority (CMA) regulated crowdfunding platform, officially launched in Oman.

The company, which partners with Ahlibank on its Tamkeen product, soft-launched in June 2022 bringing an alternative finance solution for small to medium-sized enterprises (SMEs) to the Sultanate. In partnership with Ahlibank, the company has funded twenty businesses and a total of OMR 1.4 million in finance since launching in Oman.

Amongst the first companies to receive funding from Beehive and Ahlibank were Charisma Clinic and Al Naamani.

Dr. Ghaith Sleman, Co-Owner of Charisma Clinic said, “We chose to use Beehive for our funding because of the lack of tangible securities needed. The process was quick and easy and was used to purchase new machines, as well as making us cash-rich which was instrumental in speeding up our expansion plans.”

Mazin Al Mahrooqi, Owner of Al Naamani said, “From the start, getting finance from Beehive was a smooth process. To my knowledge there is nothing else like this in Oman, it is collateral free, and they do not ask for unnecessary documents to get approved.”

Craig Moore, CEO and Founder of Beehive commented, “There is much potential for SMEs to bring economic growth to Oman. Improving their access to finance supports this, and we are excited to be part of that journey.”