Debt Crowdfunding Marketplace Lendo Raises $28 Million
Founded in 2019, Lendo has been facilitating SMEs with digital pre-financing solutions for their outstanding invoices.
Lendo, a leading debt crowdfunding marketplace based in Saudi Arabia, has successfully secured SAR 105 million in its Series B funding round. Spearheaded by Sanabil Investments, a wholly-owned entity of the Public Investment Fund, the financing round also witnessed participation from notable investors such as Shorooq Partners and AB Ventures.
Founded in 2019 by Osama AlRaee and Mohammad Jawabri, Lendo has been facilitating SMEs with digital pre-financing solutions for their outstanding invoices. This funding injection will propel the platform to embark on an ambitious expansion into new markets while concurrently supporting existing customers. Additionally, it sets the stage for the introduction of innovative Shariah-compliant financial products.
“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.” Osama Alraee, CEO, and co-founder of Lendo tells StartupScene. “We are going to make financial services more accessible, affordable, and inclusive for everyone.”
Lendo, licensed by the Saudi Central Bank, has processed over 2,500 financing transactions since its inception in December 2019. The platform has provided over SAR 1 billion in financing to SMEs, generating SAR 140 million in returns for investors. The recent funding underscores the platform's commitment to bridging the SME financing gap in line with Saudi Vision 2030, aiming to increase SME lending from 4% in 2018 to 20% by 2030.
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