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 licensed by the Saudi Central Bank (SAMA).
The Riyadh-based fintech startup has previously raised a $7.2 million in Series A funding round in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to $35.2 million.
