Lendo has partnered with Vienna-based Quantic Financial Solutions GmbH for an institutional capital program of up to SAR 750 million (US$200 million).
The Austrian asset manager will fund working capital financing for small and medium enterprises across Saudi Arabia.
The companies announced the agreement at the Money20/20 Middle East conference.
Lendo is a Shariah-compliant debt crowdfunding marketplace regulated by the Saudi Central Bank.
Quantic is an asset management fund that channels foreign investment into the Kingdom, and will oversee how the capital is deployed, following Lendo’s financing strategy.
Lendo plans to use the program to expand SME working capital financing and launch new financing products, with the goal of narrowing the Kingdom’s SME funding gap.
“It gives us the scale and structuring discipline to serve significantly more SMEs as demand across theKingdom continues to grow,
and it brings us a step closer to our purpose of closing the SME financing gap through transparent, responsible funding,”
said Osama AlRaee, CEO and Co-Founder of Lendo.
“We look forward to funding the program and deploying capital with discipline in supportof SME growth across the Kingdom,”
said Dr. Dietrich Matthes, Founding Partner of Quantic Financial Solutions.
The initiative supports the Financial Sector Development Program under Vision 2030. It aims to grow the Kingdom’s fintech and SME-financing sector.
The two companies describe this as a recurring channel for international capital into Saudi SME finance.
Featured image: Edited by Fintech News UAE, based on image by Lendo via its website.
