Saudi fintech Lamaa secures $5.5mn from Aramco’s We’ed, Raed Ventures

Saudi fintech Lamaa secures $5.5mn from Aramco’s We’ed, Raed Ventures



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Riyadh-based startup Lamaa, a developer of financial technology solutions to Small and Medium Enterprises (SMEs) has raised a $5.5 million investment in a seed round which was led by early-stage venture capital firm, Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed.

The investment which is considered to be one of the largest seed funding rounds in the country is in line with Saudi Arabia’s commitment to SMEs’ financial inclusion part of the Kingdom’s Vision 2030 push.

Lamaa offers financing solutions such as Supply Chain Finance & B2B Buy Now Pay Later plans for SMEs with the aim to create more efficient working capital management for suppliers and maximizing return on the treasury for corporate, supporting Vision 2030 to enable and digitalize SMEs and raise their contribution to 35 percent of GDP by 2030.

Sumeet KhutaleFounder and CEOLamaa

“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 dollars’ worth of invoices to be soon launched in its marketplace.”

The Lamaa CEO further added that “In addition to supply chain finance, we will soon start offering B2B Buy Now Pay Later plans, which would be the first offering of