J.P. Morgan backs Saudi’s Lendo with $690mn to spice up SME financing 

Lendo, the main debt crowdfunding platform in Saudi Arabia, introduced securing a $690 million (SAR 2.6 billion) warehouse facility led by J.P. Morgan.

Supported by Fintech Saudi, this milestone underscores the expansion in Saudi Arabia’s fintech sector and the huge alternative in SME financing within the economic system, the corporate mentioned.

Lendo mentioned J.P. Morgan’s facility shall be strategically deployed to extend the corporate’s lending capability, introduce extra modern merchandise, and develop its SME protection within the Kingdom.

The ability can be anticipated to contribute to a rise in job creation within the Kingdom.

“This landmark facility represents a transformative second for Lendo and the Saudi fintech ecosystem,” mentioned Osama Alraee, CEO and co-founder of Lendo.

“The sturdy backing from world monetary establishments similar to J.P. Morgan validates our modern method to SME financing and positions us to develop our affect within the Saudi market considerably,” he mentioned.

George Deves, Co-Head of Northern European ABS at J.P. Morgan mentioned the monetary main is happy to collaborate with Lendo on this landmark transaction.

“A robust and fast-growing SME sector is significant for the native economic system and this financing will assist assist the strategic initiative to spice up SME lending in Saudi Arabia,” he mentioned.

The ability additionally alerts the rising confidence of worldwide buyers in Saudi Arabia’s fintech sector and its regulatory framework.

Lendo has efficiently raised two funding rounds so far, with its final $28 million Sequence B funding spherical was led by Sanabil Investments, an entirely owned subsidiary of Saudi Arabia’s Public Funding Fund (PIF).