SAMA Grants License to Funding Souq: 10th Debt Crowdfunding Platform in Saudi Arabia
The Saudi Central Bank (SAMA) has granted a license to Funding Souq, a debt crowdfunding platform, to operate in Saudi Arabia.
This brings the total number of companies authorized in this domain to 10, increasing the number of fintech companies SAMA has permitted to 61.
SAMA's statement expressed its commitment to supporting the financial sector, improving financial transaction efficiency, and promoting financial inclusion in Saudi Arabia.
Founded in 2020, Funding Souq connects investors with small and medium enterprises seeking loans between $20,000 and $150,000.
In January, SAMA licensed Thara, another debt crowdfunding company, marking the ninth platform to receive a permit in the Kingdom.
In November 2023, Dnaneer Financing Co. became the eighth authorized fintech firm in Saudi Arabia's debt-based crowdfunding space by SAMA.
Dnaneer is a lending platform that links recurring revenue businesses with Saudi Arabian investors, offering investment opportunities while financing revenue-generating companies.
In March 2022, Funding Souq, another crowdfunding platform, secured $2.5 million in a seed round, bringing their total funding to $2.82 million.
The funds will be used to expand operations and strengthen partnerships with family offices and banks for Shariah-compliant financing.
SAMA's statement expressed its commitment to supporting the financial sector, improving financial transaction efficiency, and promoting financial inclusion in Saudi Arabia.
Founded in 2020, Funding Souq connects investors with small and medium enterprises seeking loans between $20,000 and $150,000.
In January, SAMA licensed Thara, another debt crowdfunding company, marking the ninth platform to receive a permit in the Kingdom.
In November 2023, Dnaneer Financing Co. became the eighth authorized fintech firm in Saudi Arabia's debt-based crowdfunding space by SAMA.
Dnaneer is a lending platform that links recurring revenue businesses with Saudi Arabian investors, offering investment opportunities while financing revenue-generating companies.
In March 2022, Funding Souq, another crowdfunding platform, secured $2.5 million in a seed round, bringing their total funding to $2.82 million.
The funds will be used to expand operations and strengthen partnerships with family offices and banks for Shariah-compliant financing.
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