RIYADH: Saudi digital lending platform Tameed, specializing in Shariah-compliant financing for small and medium enterprises, has successfully closed a series A funding round, raising SR56.75 million ($15 million).
Led by Alromaih Group in Riyadh, the funding will fuel Tameed’s growth to meet the increasing demand for its digital lending products. This demand is driven by the robust expansion of Saudi Arabia’s economy under various Vision 2030 programs and giga-projects.
Licensed by the Saudi Central Bank in January 2023, Tameed previously operated within the apex bank’s regulatory fintech sandbox. The company claims to have provided over SR400 million in funding to SMEs, supported by a mobile app with 50,000 downloads and a growth rate exceeding 400 percent.
Mohammed Al-Omayyer, CEO and co-founder of Tameed, said: “The coming years are promising for the growth of the Kingdom’s economy, and we in Tameed are keen on meeting the needs of SMEs by offering innovative funding products.”
He also highlighted the recent introduction of performance bond financing for projects, expanding support for SMEs involved in major national projects.
Omar Al-Romaih, CEO of investments at Alromaih Group, reflected on the funding round’s success, stating, “The results of the funding round reflect our belief in this opportunity and the sector.”
He said they look forward to witnessing Tameed continue its growth and expand its investment and funding opportunities.
Al-Romaih emphasized the goal of meeting the needs of SMEs and addressing the funding gap created by Vision 2030 programs and projects, estimated to be SR300 billion by 2030.