Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.

Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.

“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape

Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.

Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).

Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.

The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.

The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.

Saudi Arabia fintech startup Lendo has crossed a significant milestone, facilitating more than 1 billion SAR in financing through over 2,500 transactions, all directed towards supporting Saudi Arabia’s Small and Medium Enterprises (SMEs). (press release)

Lendo is a Riyadh-based Shariah-compliant, Debt crowdfunding platform regulated by the Saudi Central Bank that helps pre-finance outstanding invoices for businesses in Saudi Arabia.

Since its inception, Saudi fintech Lendo has processed more than 2000 financing transactions on its platform since launch, providing SAR 1+ billion (USD 300 million) in financing to SMEs and generating SAR 140 million (USD 37 million) returns for investors.

Bringing together a community of creditworthy borrowers looking for short-term financing and savvy investors looking for alternative investments at high returns, Lendo’s products and solutions are designed to make business financing easier, faster, and smarter for investors and borrowers alike.

Operating under the regulatory framework of the Saudi Central Bank, Lendo operates as a Shariah-compliant debt crowdfunding platform, specializing in the pre-financing of outstanding invoices for local businesses.

Lendo has successfully curated a community of creditworthy borrowers in search of short-term financing, while simultaneously attracting savvy investors seeking high-yield alternative opportunities.

In an era where financial innovation is reshaping traditional norms, Lendo’s suite of products and solutions reflects a commitment to streamlining, expediting, and enhancing the world of business financing, offering advantages to investors and borrowers alike.

Empowering SMEs and Boosting GDP

Lendo’s financing has conservatively saved and created estimated hundreds of jobs within SMEs, providing essential stability in the job market. a testament to the platform’s profound economic influence.

Moreover, SMEs supported by Lendo experienced an impressive estimated 20% growth, underscoring the platform’s role in fostering entrepreneurship and business expansion. aligned with Vision 2030 goal of increasing 35% SME contributing to GDP.

The impact on the GDP is significant. Thriving SMEs contribute substantially to the GDP, generating revenue, increasing consumption, and amplifying economic activities. Lendo’s pivotal role in this process positions Saudi Arabia as an economic powerhouse, showcasing the potential of the Kingdom’s entrepreneurial spirit.

In essence, Lendo’s influence extends beyond financial transactions; it is a quantifiable catalyst for economic empowerment, conservatively saving jobs, boosting GDP, and nurturing the growth of Saudi SMEs.

Revolutionizing Business Financing

Lendo’s approach is revolutionizing the way businesses secure financing. By addressing the specific needs of SMEs, Lendo provides a lifeline to businesses grappling with cash flow issues.

The platform’s innovative debt crowdfunding model allows businesses to pre-finance their outstanding invoices, ensuring a steady influx of capital. This infusion of funds enables these businesses to meet operational expenses, invest in growth opportunities, and navigate the challenges posed by market dynamics.

Community-Driven Financial Solutions

At the heart of Lendo’s success is its community-driven ethos. The platform acts as a bridge between credible borrowers and investors seeking meaningful investment opportunities.

For borrowers, Lendo offers a hassle-free application process, swift approval timelines, and competitive financing terms. Investors, on the other hand, find a plethora of vetted opportunities, ensuring their investments yield substantial returns.

This symbiotic relationship fosters a sense of financial empowerment, enabling businesses to thrive and investors to grow their portfolios.

Investment Culture Shift

Lendo has played a significant role in reshaping perceptions of financial inclusion in Saudi Arabia, with over 1 billion SAR invested by individuals in small and medium-sized enterprises (SMEs).

This substantial investment amount signifies a noticeable shift in individual investment strategies, highlighting their growing interest in active participation in the financial ecosystem.

Lendo has also taken proactive steps to combat financial illiteracy by focusing on educating the community about the crucial role of investment in achieving financial stability and fostering growth.

These initiatives have encouraged greater participation from women, with women now constituting 12% of Lendo’s total investors and showing a growing presence.

Regulated and Shariah-Compliant

Lendo’s credibility is underpinned by its adherence to regulatory guidelines set forth by the Saudi Central Bank. Operating in a Shariah-compliant manner, Lendo ensures that its financing solutions align with ethical and Islamic principles. This commitment to regulatory compliance and ethical practices instills confidence in both borrowers and investors, fostering a secure and transparent financial ecosystem.

As Lendo surpasses the SAR +1 billion financing mark, it signifies more than just a numerical achievement. It represents the trust bestowed upon the platform by SMEs and investors alike.

Looking ahead, Lendo remains committed to furthering its mission of simplifying business financing. By continuously refining its offerings, embracing technological advancements, and expanding its reach, Lendo aims to empower even more SMEs in Saudi Arabia, driving economic growth and prosperity.

In a financial landscape where agility and innovation are paramount, Lendo stands as a beacon of progress. With each financing transaction, the platform reaffirms its commitment to transforming the SME sector and shaping a robust future for Saudi businesses.

Lendo has recently raised a Series B funding round, securing $28 million, led by Sanabil Investments, a PIF-owned company.