Lendo, the leading debt crowdfunding platform in Saudi Arabia, announced securing a $690 million (SAR 2.6 billion) warehouse facility led by J.P. Morgan.
Supported by Fintech Saudi, this milestone underscores the growth in Saudi Arabia’s fintech sector and the vast opportunity in SME financing in the economy, the company said.
Lendo said J.P. Morgan’s facility will be strategically deployed to increase the company’s lending capacity, introduce more innovative products, and expand its SME coverage in the Kingdom.
The facility is also expected to contribute to an increase in job creation in the Kingdom.
“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.
“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to expand our impact in the Saudi market significantly,” he said.
George Deves, Co-Head of Northern European ABS at J.P. Morgan said the financial major is pleased to collaborate with Lendo on this landmark transaction.
“A strong and fast-growing SME sector is vital for the local economy and this financing will help support the strategic initiative to boost SME lending in Saudi Arabia,” he said.
The facility also signals the growing confidence of international investors in Saudi Arabia’s fintech sector and its regulatory framework.
Lendo has successfully raised two investment rounds to date, with its last $28 million Series B investment round was led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
