Saudi fintech start-up Tameed raises $15m Series A
Saudi Arabia-based digital lending platform Tameed has raised $15 million (SAR 56.75 million) in a Series A funding round led by Al-Romaih Investments.
Fintech start-up Tameed raises $15m Series A funding
The platform says it will use the new funding to fuel its growth and help “meet the increasing demand” for its digital lending products.
Headquartered in Riyadh, Tameed claims to have distributed $106.6 million in Shariah-compliant government purchase order financing to small and medium-sized enterprises (SMEs) in Saudi Arabia since its inception in 2019.
The Series A comes just less than a year after the firm was granted an operating licence by the Saudi Central Bank (SAMA). Prior to this, it had been operating within SAMA’s FinTech SandBox.
Speaking on the raise, Mohammed Al Alshaikh, co-founder of Tameed, says the new cash will enable the platform “to serve investors and SMEs requiring funding” while also further developing its products.
The most recent expansion of the platform’s services includes the launch of “smart” loyalty features with Singapore-based digital banking solution provider Moneythor and the addition of an auto-invest product.
Mohammed Alomayyer, CEO and co-founder of Tameed, says that the firm has also rolled out “performance bond financing for projects to serve a wider range of SMEs”, adding that the next few years “are promising for the growth of the Kingdom’s economy”.
