Manafa, a Saudi Arabian debt and investment firm, has scored $28m in a Series A round co-led by STV and Wa’ed Ventures.
Founded in 2018, Manafa is a FinTech and investment company which provides a crowdfunding platform in equity and debt financing.
According to Asia Tech Daily, the company provides financial products tailored to fulfil the needs of small and medium enterprises in various sectors by providing the financing.
The model enables institutional investors like financial institutions and investment funds or individual investors to access SMEs financing opportunities through debt and equity securities.
Manafa is licensed by the Saudi Central Bank and the Saudi Capital Market Authority. The firm is focused on bridging financing gaps by arranging investment from a larger segment of local investors.
The company said it will use the new funds to accelerate its growth in Saudi Arabia and expand its offering with the launch of several products and financing solutions in addition to double the number of investors on its platform.
Manafa Capital founder and CEO Abdulaziz Al Adwani said, “Manafa is planning to launch a new set of products that tackles the quick access to financing and capital, and empowers small and medium enterprises to fuel their growth.”
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