Tameed, a shariah-compliant digital lending platform in Saudi Arabia, has raised $15 million in a Series A funding round. The round was led by Alromaih Investments and will be used to accelerate Tameed’s growth and meet the increasing demand for its digital lending products. Tameed offers government purchase order financing for small and medium-sized enterprises (SMEs) and has facilitated funding of over SAR 400 million for SMEs since obtaining its operating license from the Saudi Central Bank in January 2023. The company has achieved a growth rate of over 400% and has 50,000 downloads of its mobile app. Tameed’s success can be attributed to its transparent pricing, fast loan processing, and fully digitalized process.
Related Posts
Banking gets modernized with Huawei Cloud applications.
- Richard Skip
- December 18, 2023
- 0
Huawei Cloud is providing key technologies to enable the modernisation of core financial applications. This is in response to the increasing need for application modernisation […]
2024’s Hot Crypto Companies: The Leading Crypto Valley Top 50
- Richard Skip
- January 23, 2024
- 0
The 9th edition of the CV VC Top 50 Report, which captures and quantifies the Crypto Valley ecosystem, has revealed key findings about the leading […]
Citigroup Inc. offloads over 21,000 shares in ARK Fintech.
- Richard Skip
- March 18, 2024
- 0
TLDR: Citigroup Inc. sold 21,859 shares of ARK Fintech Innovation ETF (ARKF). Several institutional investors and hedge funds have made changes to their holdings in […]