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

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

The ability can also 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 robust backing from world monetary establishments reminiscent of J.P. Morgan validates our revolutionary 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 financial system and this financing will assist help the strategic initiative to spice up SME lending in Saudi Arabia,” he mentioned.

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

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