The Saudi Central Bank (SAMA) announced the licensing of Lendo as they become the first company in Saudi Arabia to be granted the license of offering Debt crowdfunding for SMEs in Saudi Arabia. Lendo successfully ran through SAMA’s Regulatory Sandbox dedicated to innovative financial products and services within Saudi Arabia.
Throughout the last two years, Lendo has fulfilled the funding needs of SMEs of nearly SR 250mm and generating for investors returns of SR 8mm.
As part of its contribution to Saudi’s Vision 2030, SAMA aims to enhance the Kingdom’s financial stability and support economic development and growth. SAMA outlined that it is committed to supporting the sector of financing, enabling and encouraging innovation in financial services.
As one of the earliest backers for Lendo having invested in their Seed round and double down in their Series A, we saw the ambition and dedication of the team at Lendo have put to reach this key milestone.