Tameed closes $15 million Series A from Alromaih Investments

Tameed closes $15 million Series A from Alromaih Investments

Saudi Arabia-based fintech Tameed has raised $15 million in a Series A round, led by Alromaih Investments.

Founded in 2019 by Mohammed Al Alshaikh and Mohammed Alomayyer, Tameed offers SMEs P2P Shariah-compliant financing options for their government contract purchases through its digital platform.

The new cash infusion will allow Tameed to accelerate its growth and meet the demand for its digital lending products.

Press release:

Tameed Digital Lending Platform, which offers shariah-compliant government purchase order financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75 million ($15 million) led by Alromaih Investments.

Tameed plans to utilise the proceeds from the Series A funding round to accelerate its growth and meet the increasing demand for its innovative digital lending products stemming from the overall growth in Saudi Arabia’s economy, which is supported by the continued accomplishments of various Vision 2030 programmes and giga-projects.

Tameed, which obtained its operating licence from the Saudi Central Bank (SAMA) in January 2023 and prior to that was operating within SAMA’s FinTech SandBox, was able to offer SMEs funding exceeding SAR 400 million, serve investors and borrowers through a mobile app that had 50K downloads, and achieve a growth rate exceeding