Lendo secures $690mln facility led by J.P. Morgan to boost SME financing in Saudi Arabia
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.
'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. 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.
George Deves, Co-Head of Northern European ABS at J.P. Morgan said, 'We are 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.'
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. The company's last USD 28 million Series B investment round was led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia's Public Investment Fund (PIF).
About Lendo
Lendo is Saudi Arabia's first crowdlending marketplace licensed and regulated by the Saudi Central Bank (SAMA) to connect qualified businesses seeking financing with investors seeking short-term returns.
Founded by Osama Alraee (CEO) and Mohamed Jawabri (COO) in 2019 after starting in SAMA's Regulatory Sandbox, Lendo has facilitated over SAR 2.5 billion (USD 667 million) in financing through more than 5,000 transactions, generating SAR 125 million (USD 33.3 million) in returns for investors. Backed by Sanabil Investments, Lendo provides secure, efficient, and Shariah-compliant financing solutions that support Saudi Arabia's growing SME sector, aligned with Vision 2030's economic diversification goals. For more information, visit https://lendo.sa/ or contact: marketing@lendo.sa
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