Saudi Arabian fintech Lendo bags $690m warehouse facility from JP Morgan
Lendo, a debt crowdfunding platform based in Saudi Arabia, has landed a $690 million (SAR 2.6 billion) warehouse facility from JP Morgan and supported by Fintech Saudi.
Lendo secures $690 million warehouse facility
Lendo operates a Shari’ah-compliant peer-to-peer (P2P) lending marketplace for Saudi-based small and medium-sized enterprises (SMEs). It helps SMEs to secure growth financing by connecting them with investors to pre-finance outstanding invoices.
Since its founding in 2019, Lendo says it has facilitated over $667 million in financing across 5,000 transactions, delivering more than $33.3 million in returns to investors.
The newly secured facility will boost the firm’s lending capacity and will also support the introduction of new products as the company looks to expand its footprint within its home market.
The facility follows the company’s $28 million Series B funding round led by Sanabil Investments in December 2023.
At the time, CEO and co-founder Osama Alraee hinted that the round laid the groundwork for the company’s plans to pursue an IPO “within the next few years”, with the cash being used to “expand into new markets, support new and current customers, and launch new Shariah-compliant products”.
Alraee adds that the new facility will also help Saudi Arabia achieve its “Vision 2030 goals”, with the country aiming to increase SME lending from 4% in 2018 to 20% by 2030.
