Qarar and Biz2X partner to launch the first cloud-based SME lending platform in Saudi Arabia

Qarar and Biz2X partner to launch the first cloud-based SME lending platform in Saudi Arabia

RIYADH, Saudi Arabia--(BUSINESS WIRE/AETOSWire)-- Qarar, a wholly owned subsidiary of SIMAH and the Middle East’s prominent data analytics and credit decisioning company, and Biz2X, a global fintech technology and financing provider with an established presence in the USA, India and Australia and over $10 billion USD funded through its Biz2X®digital lending platform, today announced a strategic joint venture that aims to revolutionize the landscape of SME lending in Saudi Arabia.

The primary objective of the partnership agreement is to bridge the financing gap faced by SMEs. Qarar and Biz2X are creating the largest SME lending platform in Saudi Arabia with a streamlined digital experience that empowers SME borrowers and lenders to transact seamlessly. Lenders will also have the ability through the platform to create their own lending marketplaces, further enhancing their financial offerings to the SME sector. The companies invite lenders to contact them for early access to the platform.

The joint venture will be a major contributor to the Saudi Vision 2030 and is aligned to the Kingdom’s goal to significantly expand the SME sector to 22% of GDP, a substantial increase from its current contribution of 9% of GDP. Historically, up to 57% of SME financing requests were declined annually