Tameed, a Saudi Arabia-based fintech startup, has raised $15 million in a Series A funding round led by Alromaih Investments. The company offers shariah-compliant government purchase order financing for SMEs and plans to use the funds to support growth and meet the increasing demand for its digital lending products in Saudi Arabia.
Founded in 2019, Tameed provides financing options for SMEs to fulfill government contract purchases. It has a license from the Saudi Central Bank and has provided funding exceeding $106.6 million. The company recently launched an auto-invest product, allowing investors to invest in short-term funding opportunities based on preconfigured investment preferences.
Tameed has achieved a 400% growth rate and has a mobile app with 50,000 downloads. It is known for its clear pricing, fast loan processing, and fully digitalized process. The company’s services are tailored to support SMEs in completing purchase order commitments.
Alromaih Investments plans to diversify its investment tools and risk mitigation through acquisitions and transactions in the fintech sector. The company aims to meet the financing needs of SMEs and bridge the funding gaps created by the Vision 2030 programs and projects in Saudi Arabia, estimated to be $80 billion by 2030.
The funding raised by Tameed will help the company expand its investment and funding opportunities and continue its growth in the Saudi Arabian market.
