Tameed, a sharia-compliant digital lending platform for small and medium enterprises (SMEs) in Saudi Arabia, secured SAR 56.75 million (USD 15 million) in a Series A funding round led by Alrumaih Investments. The capital will be used to fuel Tameed's growth, catering to the rising demand for its digital lending services
Licensed by the Saudi Central Bank since January 2023, after starting in SAMA's FinTech Sandbox, Tameed has funded SMEs with over SAR 400 million, with its app reaching 50,000 downloads and growth exceeding 400%. Tameed is noted for its transparency and efficiency, processing loans in under three days.
CEO Mohammed Alomayyer is bullish on the economic prospects in Saudi Arabia and the company's role in supporting SMEs, including introducing new financing options like Performance Bond financing.
Omar Alromaih, CEO of Investments at Alromaih Group, sees the successful funding round as indicative of their confidence in the future of the sector. Alromaih Group aims to diversify its portfolio and minimize risk while supporting the financial goals of Vision 2030.
Co-founder Mohammed Al Alshaikh remarks on the opportunity to fund SMEs engaged in national projects, noting that the investment will allow Tameed to innovate and serve better, including their new Auto-Invest feature, which enables pre-set investment options for investors.
Omar Alromaih, CEO of Investments at Alromaih Group, sees the successful funding round as indicative of their confidence in the future of the sector. Alromaih Group aims to diversify its portfolio and minimize risk while supporting the financial goals of Vision 2030.
Co-founder Mohammed Al Alshaikh remarks on the opportunity to fund SMEs engaged in national projects, noting that the investment will allow Tameed to innovate and serve better, including their new Auto-Invest feature, which enables pre-set investment options for investors.
