Saudi Digital Lending Platform Tameed Platform Closes USD 15 Million Series A Funding3. January 2024
Tameed Digital Lending Platform, which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) lead by Alromaih Investments.
Tameed plans to utilize the proceeds from the Series A funding round to accelerate its growth and meet the increasing demand for its innovative Digital Lending products stemming from the overall growth in Saudi Arabia’s economy which is supported by the continued accomplishments of various Vision 2030 programs and giga-projects.
Tameed, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 and prior to that was operating within SAMA’s FinTech SandBox, was able to offer SMEs funding exceeding SAR 400M, serve investors and borrowers through a mobile APP which had 50K downloads, and achieve a growth rate exceeding 400%.
“The coming years are promising for the growth of Kingdom’s economy, and we in Tameed are keen on meeting the needs of SMEs by offering innovative funding products”,
said Mr. Mohammed Alomayyer, the CEO and Co-founder at Tameed.
They also recently launched an Auto-Invest product which will enable busy investors to invest in Tameed short term funding opportunities according to a pre-configured investment preference.
Featured image credit: Mr. Mohammed Alomayyer, the CEO and Co-founder at Tameed, Rayan Al-Romaih, the CEO of the Investment Division in the Group, Mr. Mohammed Al Alshaikh, the Co-founder of Tameed