Saudi Aramco’s Wa’ed and Raed Ventures invest $5.5m in FinTech start-up Lamaa – The National

Saudi Aramco’s Wa’ed and Raed Ventures invest $5.5m in FinTech start-up Lamaa – The National

Wa'ed, the entrepreneurial arm of oil giant Saudi Aramco, along with Riyadh-based Raed Ventures, invested 19 million Saudi riyals ($5.5m) in Saudi start-up Lamaa, which will use the funding to strengthen its trading platform and expansion in the region.

The pre-Series A investment in the Riyadh-based FinTech company is one of the largest seed rounds in the kingdom. Lamaa will use the investment to become a major regional financier of SMEs and immediately expand to the UAE, Egypt and Qatar.

“Since our initial launch in March 2021, Lamaa has grown dramatically, with over 100 corporate clients in the pipeline and a projection of over $1 billion worth of invoices to be soon launched in its marketplace,” Sumeet Khutale, founder and chief executive of Lamaa, said in a statement on Thursday.