Lendo, a debt crowdfunding platform based in Saudi Arabia, has secured a $690million warehouse facility from J.P. Morgan to enhance its support for small and medium-sized enterprises (SMEs) within the Kingdom.
This funding will enable Lendo to extend its lending capabilities, introduce new financial products and broaden its SME coverage. This initiative is in line with Saudi Vision 2030′s objective to increase SME lending from four per cent in 2018 to 20 per cent by 2030.
The facility demonstrates the growing confidence of international investors in Saudi Arabia’s fintech sector and its regulatory framework, aiming to bolster local economic growth and job creation. With this support, Lendo plans to expand its impact in the Saudi market, contributing to the country’s economic goals.
“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.
“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to expand our impact in the Saudi market significantly. This facility will accelerate our mission of boosting SMEs growth while contributing to the Kingdom’s Vision 2030 goals.”
The facility
George Deves, co-head of Northern European ABS at J.P. Morgan, also commented: “We are pleased to collaborate with Lendo on this landmark transaction. A strong and fast-growing SME sector is vital for the local economy and this financing will help support the strategic initiative to boost SME lending in Saudi Arabia.”
Lendo has successfully raised two investment rounds to date. The company’s last $28million Series B investment round was led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
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