FINTECH-

Riyadh-based alternative financing platform erad raised USD 33 mn in debt financing led by India’s Stride Ventures, it said in a press release on Monday. The round, which closed at the Money 20/20 event in Riyadh, will be used to expand Erad’s financing for small and medium enterprises (SMEs) in Saudi Arabia and the UAE, and to strengthen its technology platform.

REMEMBER- The platform secured USD 16 mn (c. SAR 60 mn) in a pre-series A round inMay, backed by global and regional investors, to scale operations across the region, boost local hiring, and expand its suite of shariah-compliant financing solutions to support revenue-generating small and medium-sized businesses.

Meanwhile, Stride Ventures plans to deploy USD 200 mn in Saudi over the next two years, part of a four-year Middle East strategy targeting USD 500 mn, Fariha Javed, a partner in the firm, told Bloomberg on Monday. The move seeks to tap rising demand for alternative financing amid the Kingdom’s economic transformation. The firm has already issued over USD 1 bn in credit across India, Southeast Asia, and the UK.

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DEBT WATCH-

PIF-owned Elm renewed a SAR 500 mn shariah-compliant facility with Al Rajhi Bank, it said in a disclosure to Tadawul on Monday. The one-year financing — backed by a promissory note — will be used to cover working capital needs and provide bank guarantees.

ICYMI- The homegrown digital solutions provider lined up a five-year SAR 1.9 bn shariah-compliant loan with the Saudi National Bank (SNB) back in April to finance corporate expansion and acquisitions.

BANKING-

The World Bank inaugurated a new regional hub in Riyadh to oversee operations across the Middle East, North Africa, Afghanistan, and Pakistan, it said in a press release on Monday. The hub will be based alongside the bank’s GCC regional office, with the regional vice president and practice directors relocating to Riyadh. The move follows the recent launch of a World Bank Knowledge Hub in Riyadh to support knowledge exchange, research, and capacity-building initiatives.

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