Thursday July 18th, 2024
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Saudi Fintech Tameed Raises $15 Million in Series A Round

The funding round was led by Saudi’s Alromaih Investments.

Fadila Khalid

Saudi Fintech Tameed Raises $15 Million in Series A Round

Tameed, a shariah-compliant digital lending platform offering government purchase order financing for small and medium-sized enterprises (SMEs) in Saudi Arabia, concluded its Series A funding round, raising $15 million, led by Alromaih Investments.

The proceeds from this funding round will accelerate Tameed's growth and addressing the rising demand for its digital lending products. The robust economic growth in Saudi Arabia, fostered by the achievements of Vision 2030 programs and giga-projects, has created a favourable environment for Tameed's expansion.

“The coming years are promising for the growth of the Kingdom’s economy, and we in Tameed are keen on meeting the needs of SMEs by offering innovative funding products," Tameed's CEO and co-founder, Mohammed Alomayyer, tells StartupScene. “We have recently added performance bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects.”

Since obtaining its operating licence from the Saudi Central Bank (SAMA) in January 2023, Tameed has facilitated funding exceeding SAR 400 million for SMEs. The company's mobile app has garnered 50,000 downloads, and it has achieved a growth rate of over 400%. Tameed's success can be attributed to its commitment to providing transparent pricing, swift loan processing (within 3 business days), and a fully digitalised process that ensures customisation of services.

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