Lamaa secures $5.5 million Seed round co-led by Wa’ed

Lamaa secures $5.5 million Seed round co-led by Wa’ed

Riyadh-based fintech Lamaa has secured a $5.5 million Seed round led by Raed Ventures and Saudi Aramco’s entrepreneurship arm, Wa’ed.

Founded in 2021 by Sumeet Khutal, Lamaa provides financing solutions such as Supply Chain Finance & B2B buy now pay later for SMEs with the aim to create more efficient working capital management for suppliers.

The newly acquired funding we enable Lamaa to start offering B2B BNPL and expand its services into Egypt, UAE and Qatar.

Press release:

Lamaa, a Riyadh-based fintech startup that provides invoice financing solutions for SMEs, has announced one of the largest seed rounds in the Kingdom of Saudi Arabia.

The $5.5 million seed round of Lamaa is being led by Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed. Lamaa provides financing solutions such as Supply Chain Finance & B2B Buy Now Pay Later for SMEs with the aim to create more efficient working capital management for suppliers and maximise return on the treasury for corporate, in line with Vision 2030 to enable and digitalise SMEs and raise their contribution to 35 per cent of GDP by 2030.

“Since our initial launch in March 2021, Lamaa has gathered significant traction with over 100 corporate clients in the pipeline and a projection of