Saudi fintech startup Lendo pulls in Series A funding

 Saudi fintech startup Lendo pulls in Series A funding

Saudi Arabian fintech firm Lendo has raised SAR27 million ($7.2 million) in Series A funding from a clutch of investors led by Riyadh-based Derayah Ventures.

Other investors who took part in the funding round included Seedra, Shorooq Partners, 500 startups and Impact46.

Lendo was founded in 2019 by Osama AlRaee, who is its CEO, and Mohammad Jawabri, the COO. It is a Sharia-compliant peer-to-peer lending marketplace that helps small businesses pre-finance their outstanding invoices and meet their short-term financing needs.

AlRaee said that, since launch, the company has processed over 100 invoices worth more than SAR60 million ($27 million).

The lender will use the fresh capital to augment its capacities and expand its offerings with an increased sector-focussed approach.

Derayah Ventures is a venture capital fund focussed on companies in the Middle East and North Africa (MENA) region. The fund was launched in 2019 and invests in the seed, pre-Series A and Series A stages.

The fund has a corpus of $26.67 million, according to its website. Apart from Lendo, its portfolio includes companies such as Resal.Me, Sabbar, Speero, Foodics, Eat and Lunch:On.

Aman Malik

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