Saudi-based business lending marketplace, Lendo, has recently announced a successful Series B funding round, raising an impressive $28 million (SAR 105 million). The funding round was led by Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF). With this latest round, Lendo’s total funding has reached $35.2 million (SAR 132 million), further solidifying its position in the market.
Expansion plans and new ventures
Lendo has ambitious plans for growth and development. The primary goal of this funding is to expand into new markets, supporting both new and existing customers. In addition, Lendo aims to launch new Shariah-compliant products, aligning with Islamic financing principles. Osama Alraee, Co-founder and CEO of Lendo, expressed his excitement, stating, “With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products.” Moreover, Alraee shared his intention for Lendo to pursue a stock market flotation in the coming years, highlighting the company’s vision for sustained growth.
Capitalizing on the demand for alternative lending solutions
Mohamed Jawabri, Co-founder and COO of Lendo, recognizes the growing demand for alternative, agile, and accessible lending solutions. He emphasizes that this demand presents a significant opportunity for Lendo to make an impact. By empowerin the growth of the region’s SME community, Lendo aims to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals. With a focus on providing innovative lending solutions, Lendo aims to support the ongoing transformation of the Saudi economy and help businesses thrive.
Lendo’s Achievements and Operations
Lendo’s success in the business lending marketplace can be attributed to several key factors. The company has processed over 2,500 financing transactions on its debt crowdfunding platform, showcasing its ability to efficiently match borrowers and investors and facilitate lending agreements. Lendo’s peer-to-peer (P2P) Shariah-compliant platform plays a crucial role in pre-financing outstanding invoices for Saudi businesses. This platform serves as a bridge, connecting borrowers in need of immediate capital with investors seeking alternative investment opportunities. By leveraging technology and innovative financial solutions, Lendo has been able to streamline the lending process, providing quick and accessible financing options for businesses across Saudi Arabia.
Lendo’s latest Series B funding round of $28 million (SAR 105 million), led by Sanabil Investments, reinforces the company’s position as a prominent player in the Saudi business lending market. The funds will be channelled into expanding Lendo’s operations, supporting new and existing customers, and launching innovative Shariah-compliant products. With plans for a future stock market flotation, Lendo is poised for further growth and continued success. The company’s commitment to providing agile and accessible lending solutions aligns with the growing demand in the market and contributes to the realization of Saudi Arabia’s Vision 2030 economic goals. As Lendo continues to empower the SME community and facilitate business growth, it solidifies its role as a leading business lending marketplace in the region.