- Saudi Arabia-based fintech Lendo, has obtained Saudi Central Bank’s (SAMA) licence to operate as a Shari'ah-compliant debt crowdfunding company.
- Founded in 2019 by Osama AlRaee and Mohamed Jawabri, Lendo is a peer-to-peer lending platform with a core focus on small and medium-sized businesses (SMBs) debt finance.
- Lendo plans to launch new products in the coming months, with the goal of expanding to include financing small and medium-sized enterprises (SMEs).
After successfully passing the trial period through the Central Bank's experimental regulatory environment (Regulatory Sandbox) for innovative financial services and products in the Kingdom, the Saudi Central Bank (SAMA) issued the official license to Lendo, the Kingdom's first company specialising in the field of debt crowdfunding that is Shari’ah-compliant.
Osama AlRaee, CEO and Co-Founder of Lendo, confirmed that obtaining the official license is the result of exceptional efforts by the Lendo team, and a reflection of the extent of customers' and investors' trust in the company's work methodology and the level of quality it provides, as well as the reputation it enjoys today as a preferred option for companies and investors seeking always the best solutions.
He added that the licensing of Lendo Company will create ambitious prospects and great challenges, prompting the company to increase the level of productivity, quality, and efficiency, to continue to support the Kingdom's economy, and to move forward toward achieving the most important goals of Vision 2030. Which are improving the Kingdom's business environment, expanding the investment base, and providing functional opportunities, pointing out that the company hopes to be a pioneer in this sector in the Middle East and North Africa region.
Mohamed Jawabri, Co-Founder and COO, said, “We are proud of what we have provided over the past period in serving small and midsized businesses (SMBs) in the Kingdom, as we were able to finance more than 400 invoices worth more than SAR300 million for SMBs, and achieve more than SAR 8 million in profits for investors.”
Lendo plans to launch new products in the coming months, with the goal of expanding to include small and medium-sized enterprises (SMEs). The company's strategy aims to contribute to the expansion of these enterprises, which in turn leads to the advancement of the national economy by providing job opportunities for citizens.
It is worth noting that Lendo is a leading financial technology company in the field of debt crowdfunding that is compliant with Islamic Shari’ah provisions, founded in 2019, and in March 2021 the company announced the closing of a SAR27 million funding round led by Derayah Ventures, with participation from Seedra, Shorooq Partners, and 500 Startups, Impact 46.