FOODICS launches micro-lending fund to support SMEs in F&B sector

FOODICS launches micro-lending fund to support SMEs in F&B sector

Saudi Arabia-based food and beverages (F&B) retail and restaurant management platform FOODICS, has officially launched its micro lending arm, FOODICS CAPITAL.

The foodtech startup has raised $100 million (SAR 375 million) in order to support Saudi F&B merchants post Covid-19 through Sharia-compliant micro loans.

"This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is“¦straightforward, as all is completed online on our platform,“ said Abdullah Tahboub, chief financial officer at FOODICS.

FOODICS CAPITAL is planning to offer loans from $5,000 (SAR 18,750), up to $133,000 (SAR 500,000) and initial approvals can take as little as 24 hours with final approvals made within seven days. 

The company has partnered with the Saudi Arabia-based Sharia-compliant commercial and