Sunday, September 15, 2024
19.2 C
New York

Saudi business lending marketplace Lendo gears up for IPO with $28m Series B

  • Funding Round Success: Lendo, a Saudi-based business lending marketplace, has secured $28 million in a Series B funding round led by Sanabil Investments, a subsidiary of the Kingdom’s Public Investment Fund (PIF).
  • Market Expansion Plans: The funding will be utilized to introduce new financing products, support existing customers, and facilitate Lendo’s expansion into new markets.
  • Financial Overview: Lendo, founded in December 2019, has raised a total of $35.2 million in funding, combining the recent Series B with the earlier Series A funding round in March 2021.
  • Investor Involvement: Besides Sanabil Investments, other key investors in the funding round include Shorooq Partners and AB Ventures.
  • Company Goals: Lendo aims to launch new Shariah-compliant products and, in the coming years, pursue a stock market flotation.
  • Vision 2030 Alignment: The company seeks to contribute to Saudi Arabia’s Vision 2030 economic goals by powering the growth of the region’s SME community and increasing SME-specific lending from 4% to 20% by 2030.
  • Operational Highlights: Lendo claims to have processed over 2,500 financing transactions on its peer-to-peer (P2P) Shariah-compliant platform, including $300 million in SME financing and $37 million in investor returns.
  • Industry Perspective: Lendo’s co-founder and COO, Mohamed Jawabri, sees a significant opportunity in the growing demand for alternative, agile, and accessible lending solutions in the region.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

Westpac promotes Anthony Miller to CEO amid Peter King’s departure

Anthony Miller has been promoted to group CEO...

Paymob secures $22m Series B extension to continue GCC roll-out

Paymob, an Egypt-based B2B merchant financial services platform,...

Mansfield Building Society in core banking tech overhaul with TCS

Mansfield Building Society partners with Tata Consultancy Services...

Enfuce to launch dual-function E2 card in UK, France and Germany with Mastercard

Enfuce, a Finnish issuer processor, has partnered with...

LendInvest extends JP Morgan debt financing agreement to £1.5bn

LendInvest has extended its funding agreement with JP...

Related Articles

Popular Categories

spot_imgspot_img