Thursday, November 7, 2024
18.6 C
New York

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.

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...

FE Fundinfo Acquires Matterhorn to Enhance AIFMD Reporting Services

FE Fundinfo has acquired Matterhorn Reporting Services to...

Konsentus Chosen to Drive Open Banking API Standards for Bank of Namibia

UK-based regtech Konsentus has been selected by the...

Monument Technology Appoints New CTO and CCO to Strengthen BPaaS Offerings

Monument Technology, a UK-based provider of Banking-Platform-as-a-Service (BPaaS)...

AI co-pilot solution Reflexivity raises $30m Series B led by Greycroft and IBKR

Funding Round: Reflexivity raised $30 million in a...

Related Articles

Popular Categories

spot_imgspot_img