Thursday, November 7, 2024
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Saudi fintech start-up Tameed raises $15m Series A

  • Saudi Arabian fintech start-up Tameed secures $15 million in Series A funding led by Al-Romaih Investments.
  • Tameed plans to use the funds to support its growth and meet the rising demand for its digital lending products.
  • Headquartered in Riyadh, Tameed has distributed $106.6 million in Shariah-compliant government purchase order financing to SMEs since its 2019 inception.
  • The Series A round follows the granting of an operating license by the Saudi Central Bank (SAMA), after initially operating in SAMA’s FinTech Sandbox.
  • Co-founder Mohammed Al Alshaikh emphasizes the new funding will help Tameed serve investors and SMEs, as well as enhance its product offerings.
  • Recent platform expansions include the introduction of “smart” loyalty features with Moneythor and the launch of an auto-invest product.
  • Tameed now provides performance bond financing for projects, aiming to cater to a broader spectrum of SMEs and contribute to the Kingdom’s economic growth.

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