Saudi-based crowdlending platform Lendo announced that it has successfully raised US$ 7.2 million (SR 27 million) in Series A within a year of its launch.
The Series A round was led by Derayah Ventures, with participation from Seedra, Shorooq Partners, 500 startups, and Impact46.
Lendo said that the new funds will be deployed to accelerate the company’s plans to deepen its platform capabilities, and expand the product offering with a more sector-focused solution-based approach.
Co-founded in 2019 by Osama AlRaee, CEO and Mohammad Jawabri, COO, Lendo is shari’ah compliant and offers financing to SMEs.
Lendo is licensed by SAMA (Saudi Central Bank) under the Sandbox Environment Program.
Osama AlRaee, CEO and Co-founder of Lendo said,
“We are proud to be backed by leading investors who have excellent knowledge and experience in the most rapidly maturing MENA entrepreneurial ecosystem.
Aside from the financial support and expert advice from the pioneers in the market, their trust in our business model will help us achieve both our short term and long-term goals and scale our business to the next level.”
Featured image: From Left – Osama AlRaee, CEO and Co-founder of Lendo, Mohammed Jawabri, Co-Founder & COO at Lendo
