Saudi Arabia-based Lendo, a Shariah-compliant debt crowdfunding platform, has signed a $53.3 million (SAR 200 million) Murabaha facility with Jadwa Investment, aiming to expand SME financing in line with the Kingdom’s Vision 2030 goals. The announcement was made at the Money20/20 Riyadh conference.
Founded in 2019 by Osama AlRaee and Mohammed Alashgar, Lendo connects qualified SMEs seeking financing with investors looking for attractive short-term returns. The platform has facilitated more than $933.3 million (SAR 3.5 billion) in SME financing across over 8,000 transactions, with $773.3 million (SAR 2.9 billion) distributed back to investors.
The Murabaha deal follows a $690 million warehouse facility secured earlier this year from JP Morgan to scale SME financing in Saudi Arabia. The company has also raised $35.2 million in equity funding to date, including a $28 million Series B in December 2023 led by Sanabil Investments, a subsidiary of the Public Investment Fund (PIF).
