Riyadh – Saudi Arabia’s digital lending platform Tameed, has closed a series A funding round, raising SAR 56.75 million (USD 15 million). Funding rounds are a round of investment by which a business raises money to fund expansion or some other business purpose.
Tameed specializes in Shariah-compliant financing for small and medium enterprises. Shariah is the Islamic law. The funding will fuel Tameed’s growth to meet the increasing demand for its digital lending products.
Mohammed Al-Omayyer, CEO and co-founder of Tameed, said that the coming years are promising for the growth of the Saudi economy, and Tameed is keen on meeting the needs of SMEs by offering innovative funding products.”
Omar Al-Romaih, CEO of investments at Alromaih Group, reflected on the funding round’s success, stating that the results of the funding round reflect the belief in this opportunity and the sector.
The information is from the website of Saudi newspaper Arab News.
Translation by Guilherme Miranda
