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- Saudi Lendo receives $690 million from JPMorgan to support small and medium enterprises. This step comes with the support of “Fintech Saudi.”
- The company operates as a digital platform connecting SMEs seeking funding with investors.
- Lendo will use this financing to enhance its financing strategy, introduce innovative Sharia-compliant financial products, and expand its services in the Kingdom.
Crowdfunding platform Lendo has secured a $690 million (SAR 2.6 billion) financing led by JP Morgan. Saudi Fintech supported this step to boost financial technology and support small and medium enterprises in the Kingdom.
Lendo Enhances Fintech in Saudi Arabia
The recent financing can create new job opportunities and increase SME financing, aligning with Saudi Vision 2030.
Lendo was founded in 2019 by Osama Al-Raee and Mohammed Jawabrah. It operates as a digital platform that connects small and medium-sized enterprises With investors hoping to achieve short-term returns.
This milestone is significant for Lendo’s efforts and the fintech sector in Saudi Arabia. The strong support from JPMorgan enables the company to achieve its goals of providing innovative financing solutions.
Expanding Impact
Lendo will strategically leverage these facilities to enhance funding capabilities, launch Sharia-compliant financial products, and reach more SMEs. The company has already facilitated over 667 million SAR in financing across 5,000 deals, generating 33.3 million SAR in returns for investors.
In late 2023, the company closed its Series B investment round, raising $28 million. Sanabil Investments, the Saudi Public Investment Fund, and other investors backed this round.
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