Saudi Arabia-based invoice financing platform Lendo has reportedly collected $7.2m in its Series A round.
The round was led by Derayah Ventures, with commitments also coming from Seedra Ventures, Shorooq Partners, 500 Startups and Impact46, according to a report from MENAbytes.
With the funds, the company is looking to expand operations across Saudi Arabia and launch new products, it said.
The company provides a Sharia-compliant invoice financing platform. Its platform helps small and medium businesses to get access to cashflow for their invoices.
Lendo co-founder and COO Mohammad Jawabri told Lendo, “As a team of fintech experts, we combine financial expertise with advanced technology to bring our clients solutions that can turn waiting time into a valuable win-win situation for all parties involved.
“During the pandemic, there was a huge surge in the numbers of SMEs who turned to Lendo for financing to keep their businesses afloat. Our 25% month-on-month growth is a testimony of the hard work, dedication, and commitment of our team.”
Earlier in the year, Sharia FinTech platform Alami Technologies raised a $20m in funding.
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