Raqamyah raises $2.3 million investment

SourceWamda
SectorFinancial Services
CountrySaudi Arabia

Saudi-based fintech peer-to-peer (P2P) lending platform, Raqamyah, has secured a $2.3 million investment round led by Impact46 with participation from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment and several angel investors. Founded by Ammar Bakheet, Raqamyah operates as part of the Central Bank’s SAMA Sandbox to connect qualified companies seeking different types of financing products with individual and institutional lenders looking for alternative investment with higher murabaha returns. The new funding will enable the company to meet SAMA’s full licence requirements, invest in technology and talent and facilitate easier access to alternative investment opportunities for investors. Raqamyah has been growing at a monthly double-digit rate with more than 40 fully-funded loans in one year. It was also the first P2P platform to introduce an automatic lending feature where lenders can choose to set automatic investment options based on their lending criteria. During the Covid-19 lockdown, the platform expanded from lending to micro enterprises only to small and medium enterprises. It launched a...read more...