Tameed Digital Lending Platform, a Shariah-compliant platform providing Government Purchase Orders Financing for SMEs in Saudi Arabia, has successfully closed a Series A funding round, raising SAR 56.75 million (USD 15 million). The funding round was led by Alrumaih Investments, showcasing strong investor confidence in the platform.
The Series A funding will be utilized by Tameed to accelerate its growth and meet the increasing demand for its innovative Digital Lending products. This growth trajectory aligns with the economic expansion in Saudi Arabia, supported by the ongoing success of various Vision 2030 programs and mega-projects.
Tameed, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 after initially operating within SAMA’s FinTech Sandbox, has already provided over SAR 400 million in funding to SMEs. Operating through a mobile app with 50,000 downloads, the platform has achieved a growth rate exceeding 400%. Tameed’s commitment to transparency, rapid loan processing (within three business days), and a fully digitalized process has garnered significant client trust, providing efficiency and customizability in its services.
CEO and Co-founder of Tameed, Mohammed Alomayyer, expressed optimism about the Kingdom’s economic growth and Tameed’s focus on meeting SMEs’ needs with innovative funding products. The platform recently introduced Performance Bond financing for projects to support a broader range of SMEs involved in major projects.
Omar Alromaih, CEO of Investments at Alromaih Group, highlighted the success of the funding round as a reflection of their belief in the sector. He anticipates Tameed’s continued growth and expansion in investment and funding opportunities, addressing the financing needs of SMEs and the funding gap created by Vision 2030 programs, estimated to be SAR 300 billion by 2030. Alromaih Group’s strategy aims to diversify investments and mitigate risks through acquisitions and investment rounds in the FinTech sector, a key area in the Kingdom’s Vision 2030.
Co-founder of Tameed, Mohammed Al Alshaikh, pointed out that funding SMEs involved in national and mega-projects presents growth and innovation opportunities. The funding round will enable Tameed to serve investors and SMEs requiring funding while innovating in technology and product offerings. The recent launch of an Auto-Invest product allows investors to engage in Tameed’s short-term funding opportunities according to pre-configured investment preferences.
