Riyadh - Sharikat Mubasher: The Saudi Tameed Platform for Debt-Based Crowdfunding secured SAR 56.75 million in a series A funding round led by Alromaih Investments.

In a statement, Tameed revealed that it will allocate the proceeds to expedite its growth and fulfill the growing demand for its innovative digital lending products.

Tameed offers shariah-compliant government purchase order financing for small and medium-sized enterprises (SMEs) in Saudi Arabia.

Mohammed Al Alshaikh, Co-founder of Tameed, stated: “This funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products.”

He added: “Funding SMEs working on national and giga-projects offers an area of growth and innovation.”

For his part, Omar Alromaih, CEO of Investments at Alromaih Group, said: “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.”

Meanwhile, Mohammed Alomayyer, CEO and Co-founder of Tameed revealed that the platform recently added performance bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects.

Tameed, licensed by the Saudi Central Bank (SAMA), specializes in financing purchase orders for SMEs with government contracts in the Kingdom. It manages and arranges financing through easy and secure digital steps subject to the system and instructions of SAMA.

It provides investment and peer-to-peer financing in compliance with Shariah regulations and offers a direct alternative to traditional lending for SMEs.