Fintech company Tameed has raised 56.75M SAR (USD 15 million) in Series A funding for its digital lending platform which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia.
The Series A funding round led by Alromaih Group comes on the back of increased digital lending demand in Saudi Arabia where economic growth is being fuelled by giga-projects and Vision 2030 initiatives.
The fintech obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 while it previously operated within SAMA’s FinTech SandBox, enabling it to offer SMEs funding of more than SAR 400M.
Up to now, a key part of its success has been its ability to process loans through a fully digitalised processwithin three business days. It specialises in tailored made products that aim to support SMEs in completing their Purchase Order commitments.
The company recently added Performance Bond financing to help SMEs participate more effectively in major projects. It also launched an Auto-Invest product to help busy investors invest in Tameed short term funding opportunities.
Speaking on the funding, Mr. Mohammed Alomayyer, the CEO and Co-founder at Tameed said: “This funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products”.
Mr. Rayan Al-Romaih, the CEO of the Investment Division in the Group, added: “The results of the funding round reflect our belief in this opportunity and the sector, and we look forward to see Tameed continue its growth and expand its investment and funding opportunities to meet the needs of SMEs for financing and meet the demand for funding gap created by Vision 2030 programs and projects which is estimated to be SAR 300 Billions by 2030”.
