Tameed raises 56.75M SAR in series A funding round led by Alromaih Group

Highlighting investors’ confidence, Tameed Digital Lending Platform, offering shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, has successfully closed a Series A funding round, amounting to SAR 56.75M (USD 15M), led by Alrumaih Investments.

Tameed plans to use the Series A funding to accelerate growth and respond to the increasing demand for its innovative Digital Lending products. This growth aligns with the economic expansion in Saudi Arabia, supported by the ongoing success of various Vision 2030 programs and mega-projects.

Having obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, after initially operating within SAMA’s FinTech Sandbox, Tameed has already provided over SAR 400M in funding to SMEs. It has served investors and borrowers through a mobile app with 50K downloads and achieved a growth rate exceeding 400%. Tameed’s commitment to transparency, rapid loan processing (within three business days), and a fully digitalized process has earned significant client trust, offering efficiency and customizability in services.

Mohammed Alomayyer, CEO and Co-founder of Tameed, expressed optimism about the Kingdom’s economic growth and Tameed’s focus on meeting SMEs’ needs with innovative funding products. The company recently introduced Performance Bond financing for projects to support a broader range of SMEs in major projects.

Omar Alromaih, CEO of Investments at Alromaih Group, highlighted the funding round’s success as a reflection of their belief in the sector. He anticipates Tameed’s continued growth and expansion in investment and funding opportunities, addressing the financing needs of SMEs and the funding gap created by Vision 2030 programs, estimated to be SAR 300 billion by 2030. Alromaih Group’s strategy aims to diversify investments and mitigate risks through acquisitions and investment rounds in the FinTech sector, a key area in the Kingdom’s Vision 2030.

Mohammed Al Alshaikh, Co-founder of Tameed, pointed out that funding SMEs involved in national and mega-projects presents growth and innovation opportunities. The funding round will enable Tameed to serve investors and SMEs requiring funding while innovating in technology and product offerings. The recent launch of an Auto-Invest product allows investors to engage in Tameed’s short-term funding opportunities according to pre-configured investment preferences.