Tameed Raises 56.75M SAR in Series A Funding round lead by Alromaih Group Highlighting investors’ trust, Tameed Digital Lending Platform, which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) lead by Alromaih Investments.
Tameed plans to utilize the proceeds from the Series A funding round to accelerate its growth and meet the increasing demand for its innovative Digital Lending products stemming from the overall growth in Saudi Arabia’s economy which is supported by the continued accomplishments of various Vision 2030 programs and giga-projects.
Tameed, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 and prior to that was operating within SAMA’s FinTech SandBox, was able to offer SMEs funding exceeding SAR 400M, serve investors and borrowers through a mobile APP which had 50K downloads, and achieve a growth rate exceeding 400%. Tameed was able to gain the trust of its clients by providing clear pricing and fast loan-processing time (within 3 business days) all of which is completed through a fully digitalized process which enables efficiency in processing and customizability of its services which translates into tailored made products that aim to support SMEs in completing their Purchase Order commitments.
“The coming years are promising for the growth of Kingdom’s economy, and we in Tameed are keen on meeting the needs of SMEs by offering innovative funding products”, said Mr. Mohammed Alomayyer, the CEO and Co-founder at Tameed. “We have recently added a Performance Bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects”.
Mr. Rayan Al-Romaih, the CEO of the Investment Division in the Group, commented that “the results of the funding round reflect our belief in this opportunity and the sector, and we look forward to see Tameed continue its growth and expand its investment and funding opportunities to meet the needs of SMEs for financing and meet the demand for funding gap created by Vision 2030 programs and projects which is estimated to be SAR 300 Billions by 2030 ”.
Alromaih Group seeks in their strategy to diversify and various investment tools and risks mitigation through acquisitions transaction and investment rounds into FinTech Division which is highly considered one of the promising and targeted sectors in the Kingdom’s Vision 2030.
“Funding SMEs working on national and giga-projects offers an area of growth and innovation” said Mr. Mohammed Al Alshaikh, the Co-founder of Tameed. He added that “this funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products”. For example we recently launch an Auto-Invest product which will enable busy investors to invest in Tameed short term funding opportunities according to a pre-configured investment preference
About Tameed Platform
Tameed is the first and only platform specialized in financing purchase orders for SMEs with government contracts in the Kingdom of Saudi Arabia. Financing is managed and arranged through easy and secure digital steps subject to the system and instructions of the Saudi Central Bank. It provides investment and peer-to-peer financing that is compliant with Shariah regulations, and it offers a direct alternative to traditional lending for SMEs. The platform launched a mobile application in September of this year, 2023, which has been downloaded by over 50,000 people. Tameed has also achieved growth rates of over 400%.