Saudi Arabia-based fintech company Tameed has successfully secured a substantial $15 million in a Series A funding round, with Alromaih Investments leading the investment. Established in 2019 by Mohammed Al Alshaikh and Mohammed Alomayyer, Tameed specializes in providing SMEs with P2P Shariah-compliant financing options for their government contract purchases through its digital platform.

The infusion of new capital will enable Tameed to expedite its expansion and cater to the growing demand for its digital lending products. The company, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, has been operating within SAMA’s FinTech SandBox. Tameed has facilitated SME funding exceeding SAR 400 million, serving investors and borrowers through a mobile app with 50,000 downloads, and achieving a growth rate exceeding 400%.

Tameed's commitment to providing transparent pricing and swift loan processing, completed within three business days through a fully digitalized process, has earned the trust of its clients. The company's focus on efficiency in processing and customization of services translates into tailored products aimed at supporting SMEs in fulfilling their purchase order commitments.

Mr. Mohammed Alomayyer, the CEO and co-founder of Tameed, expressed optimism about the Kingdom’s economic growth and emphasized Tameed's dedication to meeting the needs of SMEs by offering innovative funding products. He highlighted the addition of performance bond financing for projects to serve a wider range of SMEs and support their effective participation in major projects.

Mr. Omar Alromaih, the CEO of Investments at Alromaih Group, underscored the belief in the opportunity and the sector, expressing anticipation for Tameed's continued growth and expansion of investment and funding opportunities to address the financing needs of SMEs and bridge the funding gaps created by Vision 2030 programs and projects.

Furthermore, Alromaih Group's strategy focuses on diversifying investment tools and risk mitigation through acquisitions, transactions, and investment rounds into the FinTech Division, recognized as one of the most promising and targeted sectors in the Kingdom’s Vision 2030.

Mr. Mohammed Al Alshaikh, the co-founder of Tameed, emphasized that the funding round will facilitate the company's growth to serve investors and SMEs requiring funding while innovating on the best technologies and products. He highlighted the recent launch of an Auto-Invest product designed to enable busy investors to engage in short-term funding opportunities based on pre-configured investment preferences.

Source: News