FinTech Tameed closes $15m series A funding round led by Al-Rumaih Group
By Delisha Fernandes
Tameed, a Saudi-based crowdfunding platform, has closed a series A funding round, raising $15 million led by Al-Rumaih Group.
Tameed plans to use the Series A funding to accelerate growth and respond to the increasing demand for its innovative Digital Lending products. This growth aligns with the economic expansion in Saudi Arabia, supported by the ongoing success of various Vision 2030 programs and mega-projects.
Tameed, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 and prior to that was operating within SAMA’s FinTech SandBox, was able to offer SMEs funding exceeding SAR 400 million, serve investors and funding seekers through the recently launched mobile application, and achieved an annual growth rate of more than 400%.
“The coming period is promising for the Kingdom’s economy and we at Tameed are keen to keep pace with this growth by introducing new innovative products”, said Mohammed Alomayyer, the CEO and Co-founder at Tameed. “We have recently added a Performance Bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects.”
The platform also plans to invest the amounts raised in meeting the demand for project financing and purchase orders, and serving small and medium enterprises on a larger scale through financing products and services that raise the efficiency of their business and enable them to contribute effectively to the realization of mega projects enjoyed by the Kingdom of Saudi Arabia, according to digital financing procedures that do not exceed 3 working days for the financing decision.
Mohammed Al Sheikh, co-founder of the Tameed platform, said, ”SME financing sector that has projects and purchase orders has a wide space for growth, renewal and development, so we launched the automated investment service to facilitate the process of investing in financing baptisms for individual investors who do not have the time to follow up on opportunities so that they determine their investment preferences in advance and the system invests according to preferences automatically.”
IBSi Daily News Analysis
March 01, 2024
Al Rumaih Group
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