Saudi fintech Raqamyah raises $2.3 million because of its crowdlending platform. Raqamyah intends to utilize the latest funds to comply with SAMA’s license that is full, spend money on tech and skill, and develop its services and products

Saudi fintech Raqamyah raises $2.3 million because of its crowdlending platform. Raqamyah intends to utilize the latest funds to comply with SAMA’s license that is full, spend money on tech and skill, and develop its services and products

Today riyadh-headquartered crowdlending platform Raqamyah has raised $2.3 million in an investment round led by Impact46, it announced in a statement to MENAbytes. The round also included involvement of Vision Ventures, Mad’a Investment, Al Yusr, Fadeed Investment, plus some angel investors.

Created by Ammar Bakheet who has got over twenty years of expertise into the sector that is financial Raqamyah allows SMEs to get into financing (term, invoice, inventory and recently established POS financing) as much as SAR 5 million ($1.33 million) from specific and institutional loan providers through its online platform.

The firms interested in funding create their applications regarding the platform and get a remedy from Raqamyah’s group within 3 business days. In the event that application is authorized, their company is noted on Raqamyah and financers begin funding the requests.

The financers then get monthly obligations and earnings once the continuing companies make their repayments. The working platform offers lenders to automate their financing assets therefore whenever there’s the opportunity that fits the requirements, Raqamyah will invest with respect to the financial institution (offered there’s cash in their account that is raqamyah). It offers recently introduced POS Lending with the aid of a partner, enabling SMEs to get loans and spend their equal payments through the sales made through POS devices.

“The very very first POS loan published in January 2021 had been oversubscribed by SAR 2 Million and ended up being completely funded by the automated financing device,” it stated in a declaration incorporating it is the initial platform to own introduced automatic financing and POS loans. Continue reading “Saudi fintech Raqamyah raises $2.3 million because of its crowdlending platform. Raqamyah intends to utilize the latest funds to comply with SAMA’s license that is full, spend money on tech and skill, and develop its services and products”

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    brand New Legislation in home, Senate Would Cap Consumer Loans at 36per cent, Crippling the Industry

    Regulatory, conformity, and litigation developments within the services that are financial New Legislation in home, Senate Would Cap Consumer Loans at 36per cent, Crippling the Industry

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