Shariah-compliant Debt Crowdfunding Marketplace Lendo Raises $28M Series B Funding

EKISPEDIA - Lendo, a Shariah-compliant debt crowdfunding marketplace based in Saudi Arabia, has raised $28 million (SAR 105 million) in a Series B funding round led by Sanabil Investments, a wholly-owned entity of the Public Investment Fund (PIF).

The funding round also witnessed participation from Shorooq Partners, AB Ventures, and other strategic investors.

Lendo operates as a community of creditworthy borrowers and sophisticated investors, facilitating the pre-financing of outstanding invoices for businesses in Saudi Arabia. The platform is licensed by the Saudi Central Bank (SAMA).

“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,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Since its inception, Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to expand SME lending from 4% in 2018 to 20% by 2030.

Source: salaamgateway