Lendo secures USD 690 mn facility led by JP Morgan

Homegrown debt crowdfunding startup Lendo lined up a USD 690 mn (SAR 2.6 bn) warehouse facility with JP Morgan, according to a statement.

Where will the money go? The funding will be earmarked to boost Lendo’s lending capacity, expand its product offerings, and widen its coverage for SMEs across the Kingdom as the government looks to increase the share of SME lending to 20% by 2030, the statement reads.

What they said: “The strong backing from global financial institutions such as JP Morgan validates our innovative approach to SME financing and positions us to expand our impact in the Saudi market significantly,” Lendo CEO and co-founder Osama Alraee said in the statement.

About Lendo: Founded in 2019 by Alraee and Mohamed Jawabri, Lendo is a peer-to-peer debt crowdfunding platform that connects SMEs with lenders. Companies in Saudi Arabia that have been in the market for at least one year with at least SAR 2 mn turnover can apply for loans on Lendo after they pass a due diligence screening.

FAST FACTS- Lendo was the second highest-funded Saudi startup in 2023, with USD 328 mn in total funding, after securing USD 28 mn in a a series B round led by PIF’s Sanabil Investments.