Fintech startup Tameed bags $15M Series A from Alromaih

Saudi Arabia-based digital lending platform Tameed, a digital lending platform has closed a Series A funding round of $15 million, led by Alromaih Investments, offering shariah-compliant government purchase order financing for SMEs, according to Wamda.

The startup plans to use the funds to support the growth of its business and to meet the increasing demand for its innovative digital lending products in Saudi Arabia.

The company recently launched an auto-invest product, allowing busy investors to invest in short-term funding opportunities according to preconfigured investment preferences.

"The Kingdom's economy is expected to grow in the coming years, and Tameed is committed to meeting SMEs' needs through innovative funding products. We have recently introduced performance bond financing for projects, enabling a wider range of SMEs to participate effectively," said Mohammed Alomayyer, the CEO and co-founder of Tameed.

Tameed, founded in 2019, provides Shariah-compliant financing options for SMEs for government contract purchases. With a license from the Saudi Central Bank, it has provided funding exceeding $106.6 million and has a 50K downloads mobile app.

The company has achieved a 400% growth rate. Its clients trust Tameed for clear pricing, fast loan processing, and a fully digitalised process. Its services are tailored to support SMEs in completing purchase order commitments, resulting in tailored products that help SMEs meet their purchase order commitments.

“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 $80 billion by 2030," said Omar Alromaih, the CEO of Investments at Alromaih Group.

Alromaih Group plans to diversify investment tools and risk mitigation through acquisitions, transactions, and investment rounds in the FinTech Division, a sector in the Kingdom's Vision 2030.