Saudi Arabia-based FinTech Lendo, a debt crowdfunding platform, has secured a $690m (SAR 2.6bn) warehouse facility led by J.P. Morgan.
The funding aims to enhance job creation in the Kingdom, reinforcing Lendo’s role in driving economic growth and employment opportunities.
Lendo specialises in providing Shariah-compliant crowdlending solutions for SMEs, connecting qualified businesses in need of financing with investors seeking short-term returns. Regulated by the Saudi Central Bank (SAMA), the platform has facilitated over SAR 2.5bn ($667m) in financing across more than 5,000 transactions, generating SAR 125m ($33.3m) in investor returns.
The newly secured facility will allow Lendo to expand its lending capacity, introduce new financial products, and increase its SME market coverage. This development aligns with Saudi Vision 2030’s target of increasing SME lending from 4% in 2018 to 20% by 2030.
Lendo CEO and co-founder Osama Alraee said, “This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem.
“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to expand our impact in the Saudi market significantly. This facility will accelerate our mission of boosting SMEs growth while contributing to the Kingdom’s Vision 2030 goals.”
J.P. Morgan’s Co-Head of Northern European ABS George Deves added, “We are pleased to collaborate with Lendo on this landmark transaction. A strong and fast-growing SME sector is vital for the local economy and this financing will help support the strategic initiative to boost SME lending in Saudi Arabia.”
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