Riyadh - Sharikat Mubasher: Lendo, the renowned lending marketplace in Saudi Arabia, signed a memorandum of understanding (MoU) with the global financier J.P. Morgan to facilitate and improve access to financing for small and medium-sized enterprises (SMEs) in Saudi Arabia.

Under this agreement, which was signed during 24 Fintech, both entities will work together on potential opportunities to support the Saudi SME sector in growing and sustaining the remarkable demand in this market, the company announced in a statement.

Osama Alraee, CEO and Co-founder of Lendo, affirmed that the partnership with J.P Morgan represents a milestone in Lendo’s journey.

"By combining our strengths, we'll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia's Vision 2030," Alraee added.

As a key player in the P2P lending scene, Lendo provided funds amounting to SAR 300 million during the second quarter (Q2) of 2024.

Additionally, it has processed over 5,000 financing transactions on its platform since inception in 2019, providing over SAR 200 billion in financing to SMEs and generating around SAR 280 million in returns for investors.