The first phase of the initiative will target existing FOODICS customers, before being rolled out across KSA before the end of the year.
KSA-based foodtech and retail-tech startup, FOODICS, has announced the launch of FOODICS CAPITAL, a micro-lending arm to the outfit that aims to support Saudi F&B merchants in the wake of the COVID-19 pandemic.
“With cash flow being a critical pain point for small business owners right now, we wanted to be able to offer them a one-stop-shop that also covers their finance needs and enables them to accelerate their growth rate,” said Ahmad Al-Zaini, the co-founder and CEO of FOODICS, which offers an all-in-one restaurant management platform.
The $100 million fund has been launched in partnership with KSA-based, Sharia-compliant SME financier, Maalem Finance. According to FOODICS, the first phase of the initiative will target existing FOODICS customers, before being rolled out further before the end of the year.
“This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region,” FOODICS COO, Abdullah Tahboub, said. “Our application process is indeed straightforward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days. FOODICS CAPITAL is able to extend loans from $5K(SAR 18,750), up to $133K (SAR 500,000) as and when needed by small businesses.”
Since launching in 2014, FOODICS has serviced some 5,000 customers, processing over 1 billion orders through its platform at a toale value of around $100 million. Last month, the startup announced its expansion into Egypt.
Sign up for the daily Startup Digest.