Riyadh - Sharikat Mubasher: Lendo, the leading debt crowdfunding platform in Saudi Arabia, secured a SAR 2.6 billion warehouse facility led by J.P. Morgan to boost small and medium-sized enterprises (SME) financing in the Kingdom
Supported by Fintech Saudi, this milestone underscored the growth in the Saudi fintech sector and the vast opportunity in SME financing in the economy, the company announced in a recent statement.
The facility is expected to contribute to creating 18,000 new jobs, aligning with Vision 2030 goal of increasing SME lending from 4% in 2018 to 20% by 2030.
Osama Alraee, CEO and Co-founder of Lendo, stated in an interview with Alarabiya Business that the facility will be dedicated to financing SMEs over the next five years and is expected to raise the company’s total financing to SAR 30 billion.
J.P. Morgan’s facility will be strategically deployed to increase Lendo's lending capacity, introduce more innovative products, and expand Lendo’s SME coverage in the Kingdom. It also signals the growing confidence of international investors in Saudi Arabia's fintech sector and its regulatory framework.
Lendo is Saudi Arabia’s first crowdlending marketplace licensed and regulated by the Saudi Central Bank (SAMA) to connect qualified businesses seeking financing with investors seeking short-term returns.
