We show you our most important and recent visitors news details Raqamyah raises $2.3 million investment in the following article
Hind Al Soulia - Riyadh - Raqamyah raises $2.3 million investment
News • 15 February, 2021
Saudi-based fintech peer-to-peer (P2P) lending platform, Raqamyah, has secured a $2.3 million investment round led by Impact46 with participation from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment and several angel investors.
Founded by Ammar Bakheet, Raqamyah operates as part of the Central Bank’s SAMA Sandbox to connect qualified companies seeking different types of financing products with individual and institutional lenders looking for alternative investment with higher murabaha returns.
The new funding will enable the company to meet SAMA’s full licence requirements, invest in technology and talent and facilitate easier access to alternative investment opportunities for investors.
Raqamyah has been growing at a monthly double-digit rate with more than 40 fully-funded loans in one year. It was also the first P2P platform to introduce an automatic lending feature where lenders can choose to set automatic investment options based on their lending criteria.
During the Covid-19 lockdown, the platform expanded from lending to micro enterprises only to small and medium enterprises. It launched a point of sale (POS) lending service in partnership with Skyband, the first POS loan posted in January 2021 was oversubscribed by SAR 2 Million and was fully funded by the automatic lending tool.
Furthermore, the company plans to enhance the credit assessment process by reducing origination cost and improving borrowers’ experience through technology.
According to Bakheet, P2P lending is one of the fastest growing areas in fintech and it is at its early stages in terms of innovation and disruption.
"Prospects of growth for the company considering developments in the fintech scene in Saudi are exciting. We have great faith in Ammar and his team to pave the way in this front,” said Basmah Alsinaidi from Impact46.
“SMEs are one of the main pillars of any economy and the region is no different. SMEs need funding to expand and prosper and Raqamyah is here to support SMEs in their growth journey. We believe Raqamyah’s team is well equipped to lead this space,” said Kais Al Essa, founding partner and CEO of Vision Ventures.
These were the details of the news Raqamyah raises $2.3 million investment for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.