Saudi-based Islamic peer-to-peer (P2P) lending marketplace, Forus Capital, has closed a Series A funding round led by Yazeed Alrajhi and Brothers Holdings and Riyad Fintech Fund.

The undisclosed funding will go towards helping expand the startup’s objective of redefining small and medium-sized enterprises’ (SMEs) financing through a debt marketplace and by bridging funding gaps for businesses.

Founded in 2019 by Nosibah Alrajhi, Forus Capital has an application programme interface (API)-driven underwriting technology that enables businesses to secure debt funding digitally.

“The debt market is witnessing an accelerated level of disruptions and Forus is keen to play a major role in that,” said CEO Alrajhi.

“This investment by such a  sophisticated cohort of institutional investors serves as a testament of  Forus' trajectory as a major player in the Saudi P2P lending market  and represents yet another vote of confidence in the evolving Saudi Fintech scene,” she added.

Hoping to develop its tech with the new funds, Forus says it has raised over $16 million to distribute to over 57 SMEs.