back Back

Saudi’s Lendo raises $7.2 million in Series A to fuel expansion plans

By Leandra Monteiro

March 16, 2021

Share

Lendo, funding, series A, Saudi, FinTech, SMEAccording to media reports, Saudi-based shariah-compliant FinTech firm Lendo has raised 27 million riyals ($7 million) in Series A funding. Lendo is a crowd-lending marketplace that provides small and medium enterprises (SMEs) with the opportunity to digitally pre-finance their outstanding invoices. The Series A round was led by Derayah Ventures. It also included participation from Seedra, Shorooq Partners, 500 startups, and Impact46.

Founded in 2019, Lendo offers loans starting from about $27,000 and going up to $800,000 by connecting SMEs with investors on its marketplace through crowdlending. To apply on Lendo’s platform SME’s require a valid Saudi business license and should have been in operations for at least one year and have an annual turnover of SAR 2 million ($530,000) at least.

According to media reports, Osama AlRaee, CEO and co-founder of Lendo said, “Since our launch, it is noteworthy that we were able to finance more than 100 invoices worth of more than SAR 60 million to SMEs and give back more than SAR 3,000,000 to our investors in profit, with more profit distribution in the pipeline.”

“We provide solutions to two major pain points in the SME finance market. First, the limited options for SME businesses to borrow cash quickly and easily and second, the limited short-term options that offer higher returns for investors/lenders,” added the start-up according to media reports.

Since its launch last year, Lendo claims to have financed over 100 invoices worth over SAR 60 million for SMEs and given more than SAR 3 million in profits to its investors. AlRaee said, “We are proud to be backed by leading investors who have excellent knowledge and experience in the most rapidly maturing MENA entrepreneurial ecosystem. Aside from the financial support and expert advice from the pioneers in the market, their trust in our business model will help us achieve both our short term and long-term goals and scale our business to the next level.”

According to media reports, Mohammad Jawabri, the co-founder and COO of Lendo, said, “As a team of fintech experts, we combine financial expertise with advanced technology to bring our clients solutions that can turn waiting time into a valuable win-win situation for all parties involved. During the pandemic, there was a huge surge in the numbers of SMEs who turned to Lendo for financing to keep their businesses afloat. Our 25% month-on-month growth is a testimony of the hard work, dedication, and commitment of our team.”

Previous Article

March 16, 2021

FINCI goes live with Temenos’ payments and core banking platform

Read More
Next Article

March 16, 2021

Flutterwave partners with PayPal; offers businesses a gateway to new opportunities

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 19, 2024

Dineo Crédito taps Mambu to bolster lending capabilities in Spain

Read More

June 17, 2024

Mastercard taps Thought Machine to advance its core banking capabilities

Read More

June 14, 2024

Avaloq & Comyno team up to launch securities financing solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023