Saudi Arabia’s Raqamyah raises $2.3m in funding

SourceArab News
SectorFinancial Services
CountrySaudi Arabia

Raqamyah is a financial technology (fintech) startup which connects small businesses with financiers and has facilitated more than 40 loans for small and medium-sized enterprises (SMEs) a year. (Raqamyah) JEDDAH: Riyadh-based peer-to-peer lending platform Raqamyah has raised $2. 3 million from its latest funding drive, with investors including Impact46, Vision Ventures, Mad'a Investment, Al-Yusr Co., Fadeed Investment, and a number of angel investors. Raqamyah is a financial technology (fintech) startup which connects small businesses with financiers and has facilitated more than 40 loans for small and medium-sized enterprises (SMEs) a year.

Small companies can apply for funding through the platform and once approved within three days their needs are listed for financiers to assess. Once an agreement has been reached, lenders begin receiving repayments, with SMEs able to make monthly installments through ATMs and other digital payment methods. "Peer-to-peer lending is one of the fastest-growing areas in fintech and it is at its early stages in terms of innovation and...read more...