Beehive launches crowdfunding platform in Oman

UAE-based Beehive has launched its regulated crowdfunding platform in Oman in an event at the Crowne Plaza, Muscat.

This crowdfunding platform would be an alternative financing solution for small and medium enterprises (SMEs) in Oman, a statement carried by Zawya read.

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Founded in 2014, the fintech platform helps connect small businesses looking for funding to investors.

So far, Beehive has funded over $400 million in total in the GCC since inception. In Oman, it has collaborated with Ahlibank to fund twenty businesses and a total of OMR 1.4 million in finance.

Peer-to-peer lending is gaining pace as a preferred outlet to raise funds for small businesses in the GCC region, the statement said. According to Dr. Ghaith Sleman, Co-Owner of Charisma Clinic, it chose Beehive due to a lack of tangible assets that were needed.

"The process was quick and easy and was used to purchase new machines, as well as making us cash-rich which was instrumental in speeding up our expansion plans," said Dr. Ghaith.

As of May 2022, the number of SMEs in the country increased by 46.9% as compared to May 2021. The number of SMEs reached 78,089 in the period.

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The global crowdfunding market was valued at $1.49 billion in 2021, according to Grand View Research. It will expand at a compound annual growth rate of 16.2% between 2022 and 2030.