Lendo Secures $690 Million Facility Led by J.P. Morgan to Boost SME Financing in Saudi Arabia
Lendo, the leading debt crowdfunding platform in Saudi Arabia, has secured a USD 690 million (SAR 2.6 billion) warehouse facility led by J.P. Morgan. Supported by Fintech Saudi, this milestone underscores the growth in Saudi Arabia’s fintech sector and the vast opportunity in SME financing in the economy.
The facility is expected to contribute to an increase in job creation in the Kingdom, demonstrating Lendo’s commitment to domestic economic growth and employment.
“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo. “The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to expand our impact in the Saudi market significantly. This facility will accelerate our mission of boosting SMEs growth while contributing to the Kingdom’s Vision 2030 goals.”
J.P. Morgan’s facility will be strategically deployed to increase Lendo’s lending capacity, introduce more innovative products, and expand Lendo’s SME coverage in the Kingdom. The development aligns with Saudi Vision 2030’s goal of increasing SME lending from 4% in 2018 to 20% by 2030.
George Deves, Co-Head of Northern European ABS at J.P. Morgan said, “We are pleased to collaborate with Lendo on this landmark transaction. A strong and fast-growing SME sector is vital for the local economy and this financing will help support the strategic initiative to boost SME lending in Saudi Arabia.”
The facility also signals the growing confidence of international investors in Saudi Arabia’s fintech sector and its regulatory framework.
Lendo has successfully raised two investment rounds to date. The company’s last USD 28 million Series B investment round was led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
Last Updated on 6 hours by News Desk 1
