From investing in talent to meeting SAMA Sandbox’s full license requirements, the fintech startup has big plans for its latest investment.
Saudi peer-to-peer lending platform, Raqamyah, has announced that it has raised $2.3 million in Series A Funding, which will be channeled in a number of different ways, as the startup looks to take the next big step in its evolution.
Led by Impact46 with participation from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment and strategic angel investors, the fintech startup will utilise the funding to invest heavily in talent and technology in the name of elevating the platform’s user experience. It will also look to focus on innovating credit assessment techniques, while expanding its repertoire of loan products for SMEs - an area that quickly came into the focus for the startup as the COVID-19 pandemic set in and SMEs began to struggle.
Founded in 2018 by Ammar Bakheet, Raqamyah targets SMEs seeking different types of financing products and individual/institutional lenders looking for an alternative investment with higher ‘Murabaha’ returns. In 2019, it received SAMA Sandbox approval to launch the platform and is the only platform of its kind to introduce an automatic lending feature that allows lenders to set lending criteria.
Part of the investment will also go towards meeting SAMA’s full license requirements and facilitate easier access to alternative investment opportunities for investors.
Learn more about Raqamyah here.
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