Saudi Arabia-based Fintech firm Lendo has successfully secured $28 million (SAR 105 million) in a Series B funding round led by Sanabil Investments, with participation from Shorooq Partners, AB Ventures, and other investors. Lendo, operating as a Shariah-compliant debt crowdfunding marketplace, plans to deploy the funds to bolster its burgeoning customer base in Saudi Arabia, introduce innovative financing products, and accelerate market expansion initiatives.
Osama Alraee, CEO, and co-founder of Lendo expressed his excitement about the funding round, emphasizing the company’s vision for expansion into new markets, support for existing and new customers, the launch of new Shariah-compliant products, and ongoing innovation in the digital lending marketplace. Alraee also revealed ambitious plans for an initial public offering (IPO) in the coming years.
Lendo functions as a Shariah-compliant, debt crowdfunding platform specializing in pre-financing outstanding invoices for businesses in Saudi Arabia. The platform acts as a community connecting creditworthy borrowers with sophisticated investors seeking alternative investments. Notably, Lendo holds a license from the Saudi Central Bank (SAMA).
Mohamed Jawabri, COO, and co-founder of Lendo, underscored the significant opportunity arising from the growing demand for alternative, agile, and accessible lending solutions. Lendo aspires to take the lead in promoting financial inclusion, not just within Saudi Arabia but also on a broader scale. By fueling the growth of Small and Medium-sized Enterprises (SMEs), the company aims to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals. Specifically, Lendo targets the expansion of SME lending from 4% in 2018 to an ambitious 20% by 2030.
The successful Series B funding round solidifies Lendo’s position as a key player in the Fintech landscape, marking a significant milestone in its journey toward reshaping the lending landscape in Saudi Arabia and beyond. The infusion of funds positions Lendo strategically to innovate and meet the evolving financial needs of businesses while aligning with the broader economic objectives of Saudi Arabia’s Vision 2030.