Lendo Secures $28 Million in Series B Funding Led by Sanabil Investments
- ByStartupStory | December 12, 2023
Saudi Arabia-based FinTech company Lendo has successfully secured $28 million (SAR 105 million) in a Series B funding round led by Sanabil Investments. The funding round also witnessed the participation of Shorooq Partners, AB Ventures, and other investors. Lendo, a Shariah-compliant debt crowdfunding marketplace, plans to utilize the funds to support its rapidly growing customer base in Saudi Arabia, introduce innovative financing products, and expedite its market expansion initiatives.
Osama Alraee, CEO, and co-founder of Lendo, expressed excitement about the funding round and outlined 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 plans for an initial public offering (IPO) within the next few years.
Lendo operates as a Shariah-compliant, debt crowdfunding platform specializing in pre-financing outstanding invoices for businesses in Saudi Arabia. The platform serves as a community connecting creditworthy borrowers with sophisticated investors seeking alternative investments. It holds a license from the Saudi Central Bank (SAMA).
Mohamed Jawabri, COO, and co-founder of Lendo, highlighted the significant opportunity presented by the growing demand for alternative, agile, and accessible lending solutions. Lendo aims to lead the charge in promoting financial inclusion, not only in Saudi Arabia but also beyond. By fueling SME growth, the company aims to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals, specifically targeting the expansion of SME lending from 4% in 2018 to 20% by 2030.
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