Peer-to-peer lending platform Raqamyah has reportedly raised $2.3m in a funding round led by Impact46.
Additional commitments came from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment and a number of unnamed angel investors, according to a report from Crowdfund Insider.
With the fresh equity, Raqamyah plans to enhance its technology, grow its team and expand its offering to reach more clients. Funds will also help the FinTech meet the license requirements from the Saudi Arabian Monetary Authority.
The FinTech connects small businesses in need of cash with affordable finance from lenders looking to earn attractive returns. The Sharia compliant FinTech enables companies to borrow funds to boost cash flow, buy new equipment, cover costs, grow the business, hire staff or refurbish premises.
Raqamyah recently released a POS finance tool, which enables consumers to get funds at the point of purchase, allowing them to pay for products over a period of time.
Earlier in the year, fellow Saudi Arabia-based FinTech platform Hakbah closed a $1.2m seed round. The company aims to encourage healthy money savings behaviour and helping consumers build up their money.
Digital payment solution developer STC Pay became the first unicorn in Saudi Arabia and the first FinTech unicorn in the Middle East.
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