Riyadh – Mubasher: Saudi Tameed Digital Lending Platform has raised $15 million in a Series A funding round led by Alromaih Investments, according to a press release.
Tameed offers shariah-compliant government purchase order financing for small and midsize enterprises (SMEs) across the Kingdom.
The platform will use the proceeds of the fundraising to boost its business and meet the increasing demand for its digital lending products.
Tameed, which obtained its operating licence from the Saudi Central Bank (SAMA) in January 2023, offered SMEs funding exceeding SAR 400 million.
Mohammed Alomayyer, CEO and Co-Founder of Tameed, commented: “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.”
“We have recently added performance bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects,” Alomayyer continued.
Omar Alromaih, CEO of Investments at Alromaih, indicated: “We look forward to seeing Tameed continue its growth and expand its investment and funding opportunities to meet the needs of SMEs for financing and meet the demand for funding gaps created by Vision 2030 programmes and projects, which is estimated to be SAR 300 billion by 2030."
Mohammed Al Alshaikh, the Co-Founder of Tameed, noted: “This funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products."
