Lendo raises $28M in Series B led by Sanabil Investments

Lendo, a Saudi Arabian debt crowdfunding platform, has raised $28 million in Series B funding, led by Sanabil Investments, with participation from Shorooq Partners, AB Ventures, and other investors, as per Wamda.

The company plans to utilise the funds to support its rapidly growing customer base in Saudi Arabia, introduce innovative financing products, and expedite market expansion.

The company also disclosed its plans for an IPO within the next few years.

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond," said Mohamed Jawabri, COO, and Co-founder of Lendo.

"By fueling SME growth, we aim to contribute to the realisation of Saudi Arabia's Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” he added.

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Lendo is a Shariah-compliant debt crowdfunding platform in Saudi Arabia that pre-finances outstanding invoices for businesses. The platform is licensed by the Saudi Central Bank and raised a total of $35.2 million in 2021, with a Series A funding round led by Derayah Ventures and Seedra Ventures.

It has processed more than 2,500 financing transactions since its inception in December 2019, providing over $300 million in financing to SMEs and generating $37 million returns for investors.

The startup said its debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030's goal to increase SME lending from 4% in 2018 to 20% by 2030.