Debt crowdfunding platform Lendo raises $690mln facility led by JP Morgan
Riyadh: Debt crowdfunding platform in Saudi Arabia Lendo has secured a $690 million warehouse facility, equivalent to SAR 2.60 billion, led by J.P. Morgan.
The transaction is supported by Fintech Saudi, underscoring the growth in Saudi Arabia's fintech sector and the vast opportunity in SME financing in the economy, according to a press release.
The facility is expected to contribute to an increase in job creation in the Kingdom, demonstrating Lendo's commitment to domestic economic growth and employment.
CEO and Co-founder of Lendo, Osama Alraee, said: 'This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem… 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.'
Alraee concluded: 'This facility will accelerate our mission of boosting SMEs growth while contributing to the Kingdom's Vision 2030 goals.'
J.P. Morgan's facility will be strategically deployed to increase Lendo's lending capacity, introduce more innovative products, and expand Lendo's SME coverage in the Kingdom.
The development aligns with Saudi Vision 2030's goal of increasing SME lending from 4% in 2018 to 20% by 2030.
Co-Head of Northern European ABS at J.P. Morgan, George Deves, cemented the collaboration with Lendo, noting: '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.'
The facility also signals the growing confidence of international investors in Saudi Arabia's fintech sector and its regulatory framework.
It is worth noting that Lendo has raised two investment rounds to date. The company's last $28 million Series B investment round was led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund (PIF).
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