- Saudi Arabian fintech start-up Tameed secures $15 million in Series A funding led by Al-Romaih Investments.
- Tameed plans to use the funds to support its growth and meet the rising demand for its digital lending products.
- Headquartered in Riyadh, Tameed has distributed $106.6 million in Shariah-compliant government purchase order financing to SMEs since its 2019 inception.
- The Series A round follows the granting of an operating license by the Saudi Central Bank (SAMA), after initially operating in SAMA’s FinTech Sandbox.
- Co-founder Mohammed Al Alshaikh emphasizes the new funding will help Tameed serve investors and SMEs, as well as enhance its product offerings.
- Recent platform expansions include the introduction of “smart” loyalty features with Moneythor and the launch of an auto-invest product.
- Tameed now provides performance bond financing for projects, aiming to cater to a broader spectrum of SMEs and contribute to the Kingdom’s economic growth.
