Alromaih Investment Group led the series A round
Tameed, a Saudi Arabia-based lending platform, has raised SAR 56.75m (US$15m) in a series A round led by Alromaih Investment Group.
The digital lender plans to use the funds from the round to “accelerate its growth” and meet the “increasing demand” for its products.
This traction is expected as Saudi Arabia’s economy continues to grow and diversify as part of its Vision 2030.
Founded in 2019, Tameed offers investment and peer-to-peer financing that is compliant with Shariah regulations. It also provides a direct alternative to traditional lending for SMEs. It launched a mobile app for its platform in September 2023.
Tameed, which obtained its operating license from the Saudi Central Bank in January 2023 and before that was operating within the Bank’s fintech sandbox, has offered SMEs funding exceeding SAR 400m (US$106m).
“The coming years are promising for the growth of the Kingdom’s economy, and at Tameed we are keen on meeting the needs of SMEs by offering innovative funding products”, said Mohammed Alomayyer, the chief executive officer and co-founder at Tameed.
He added: “We have recently added a performance bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects.”
Rayan Al-Romaih, the chief executive officer of the Investment Division in the Group, commented: “The results of the funding round reflect our belief in this opportunity and the sector.
“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 the funding gap created by Vision 2030 programs and projects, estimated to be SAR 300bn by 2030.”
Mohammed Al Alshaikh, the co-founder of Tameed, said: “Funding SMEs working on national and giga-projects offers an area of growth and innovation.”
He added: “This funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products.”