In a significant boost for the business media sector, Tameed, a digital lending platform based in Saudi Arabia, has successfully concluded a Series A financing round, amassing $15 million. Spearheaded by Alromaih Investments, the funding will bolster Tameed’s capacity to offer Shariah-compliant financing options specifically designed for small and medium-sized enterprises (SMEs) dealing with government purchase orders.
The platform is poised to channel these funds towards scaling its operations and catering to the surging demand for its novel digital financing solutions within the Saudi market. Tameed has also introduced a new feature for investors—a hands-free auto-invest tool—which aligns with individual investment preferences to identify suitable short-term funding opportunities.
Mohammed Alomayyer, the CEO and co-founder of Tameed, emphasized the company’s dedication to supporting SME growth in line with the expected economic expansion in Saudi Arabia. He highlighted the recent introduction of performance bond financing, a move that broadens the scope of SMEs that can competitively participate in projects.
Since its inception in 2019, Tameed has carved a niche for itself by providing Shariah-compliant financial services, catering to SMEs engaged in government contract purchases. With the endorsement of the Saudi Central Bank and a robust mobile app boasting over 50,000 downloads, Tameed has facilitated over $106.6 million in funding. The company has also recorded a commendable 400% growth rate, earning the trust of its clientele through transparent pricing, swift loan processing, and a fully digital experience.
Tameed’s offerings are specifically tailored to empower SMEs to fulfill their purchase order obligations, thereby crafting specialized products that resonate with the unique needs of these businesses.
Omar Alromaih, CEO of Investments at Alromaih Group, conveyed his anticipation for Tameed’s continued trajectory of growth. He underscored the platform’s pivotal role in bridging the financing gaps for SMEs, which are projected to reach $80 billion by 2030 due to initiatives under Saudi Arabia’s Vision 2030.
Furthermore, Alromaih Group is strategizing to diversify its investment avenues and enhance risk management through acquisitions and strategic transactions within the FinTech sector, aligning with the Kingdom’s Vision 2030.