Wa’ed selects HES FinTech to automate its financial operations

By Leandra Monteiro

Wa’ed, the entrepreneurship arm of Aramco, has signed a contract with HES FinTech lending software provider to automate financial operations at the company.

Wa’ed is an entrepreneurial support center, providing end-to-end assistance to boost Saudi-based start-ups, including mentoring, incubation, loan financing, and venture capital investment. In addition to incubation and mentoring, the center invested more than $100 million in the Kingdom’s entrepreneurship ecosystem over the 10 years since its inception. Wa’ed is the largest institutional venture capital investor supporting Saudi start-ups and the only lender requiring no collateral.

In 2021, Wa’ed started searching for a software vendor to automate loan granting. Recently, the company signed a contract with HES FinTech – a major provider of digital solutions for loan origination and loan management with a decade of experience in SME lending.

With premium technology at its core, Wa’ed is building an entrepreneurial ecosystem at a faster pace and expanding the geography of its portfolio more effectively.

“We have placed our trust in HES FinTech’s expertise to develop lending software and predictive analytics software for our financial services. Their expertise will support the launch of our updated platform, which will benefit from automation, clear UI & UX, and a fully functional customer portal,” said Mazen Alasnag, Head of Loan Management, Wa’ed.

“We are deeply honored and excited to assist Wa’ed in their initiative oriented at the region’s economic growth and support of small and medium enterprises. Our major goal is to create a digital product that will help scale up Wa’ed’s activities and bring tangible value to our world-renowned customer,” said Ivan Kovalenko, CEO, and Co-Founder of HES FinTech.