Saudi fintech erad raises $22 million Series A led by MEVP
Saudi Arabia-based fintech erad has raised $22 million in Series A funding led by MEVP, with participation from new investors 500 Global, Saudi Venture Capital (SVC), S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures, alongside existing investors Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital. Founded in 2022 by Salem Abu-Hammour, Faris…
Riyadh-based fintech erad has secured $22 million in Series A funding from MEVP, with additional investment from 500 Global, Saudi Venture Capital, S60 Ventures, ANB Capital, Conjunction Capital, Araya Ventures, Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital, and Joa Capital. Established in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, erad offers Shariah-compliant working-capital financing up to SAR10 million to SMEs in Saudi Arabia and the UAE using AI and data for assessments.
The company plans to use the Series A funding to develop new products, expand in the GCC, and focus on industrial, logistics, and manufacturing sectors. Since its launch, erad has achieved 8x year-over-year growth in Saudi Arabia, deploying over SAR500 million ($133mn) in financing to SMEs. The company has received over SAR4 billion ($1bn) in financing requests, highlighting the demand for working capital across the GCC. erad currently serves businesses in logistics, medical equipment, and wholesale distribution.
Co-founder Salem Abu-Hammour emphasized the speed, fairness, and frictionlessness of erad's approach, while MEVP Partner Jad EL Boustani highlighted the company's role in addressing the $250 billion SME financing gap in the GCC.
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