Lendo, a Saudi Arabia-based FinTech company specialising in Shariah-compliant debt crowdfunding, has successfully secured a substantial Series B funding of SAR 105m ($28 million).
This funding round was spearheaded by Sanabil Investments, a firm wholly owned by the Public Investment Fund, according to a report from Wamda. Notably, the round also saw significant contributions from Shorooq Partners, AB Ventures, and various other investors.
The essence of Lendo’s operations lies in its innovative approach to debt crowdfunding. The platform uniquely caters to the pre-financing of outstanding invoices for businesses in Saudi Arabia, creating a symbiotic ecosystem for creditworthy borrowers and sophisticated investors. With a license from the Saudi Central Bank (SAMA), Lendo has established itself as a prominent player in the FinTech landscape.
The recent infusion of capital is earmarked for several strategic initiatives. Primarily, Lendo intends to support its rapidly growing customer base in Saudi Arabia, which has witnessed a threefold increase year-on-year. Additionally, the firm plans to introduce more innovative financing products and accelerate its market expansion plans.
Further delving into the firm’s growth trajectory and future aspirations, Lendo’s CEO and co-founder, Osama Alraee, shared his vision. He said, “With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending.
“We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company.”
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