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Octa lands USD 20 mn credit facility for Saudi SMEs: Abu Dhabi-based fintech startup Octa obtained a USD 20 mn credit facility from private debt fund Sukna Fund for Direct Financing (SFDF) to provide working capital for small and medium businesses in Saudi Arabia, according to a press release (pdf). The facility will be integrated into Octa's financial operations platform, allowing SMEs to apply for credit directly.
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The details: The solution targets cashflow challenges faced by SMEs and gives them easier access to short-term financing, tied to issuing invoices or payable due dates. Repayments sync automatically with actual collections, removing manual reconciliation. The facility will launch in 3Q 2025 for qualified businesses.
Who’s being targeted: The company is seeing traction from Saudi SMEs in sectors like logistics, F&B supply, facilities management, marketing, and professional services, COO Nupur Mittal told EnterpriseAM, adding that these sectors face high operational complexity but have limited finance infrastructure. “These businesses often operate across multiple entities and currencies, with recurring B2B payments and delayed collections,” he explained.
Octa's next moves: The platform is aiming to develop AI-driven “finance agents” to help SMEs automate decisions like follow-ups and payment terms. It is also expanding its embedded financing capabilities by building a regional capital infrastructure with banks and funds, Mittal said.
More on Octa: Founded in early 2024 by Jon Santillan (LinkedIn), Nupur Mittal (LinkedIn), and Andrey Korchak, Octa has worked with over 500 businesses including Careem and ZenHR, and processed upwards of USD 290 mn in invoices. The platform automates the payment collection process for SMEs and provides access to financing tools for debt recovery. It expanded into Saudi Arabia during the first quarter of this year.
REMEMBER- Octa closed a USD 2.25 mn pre-seed funding round co-led by US-based Quona Capital and Saudi-based Sadu Capital last October. Sukna Ventures, Plus VC, 500 Global, and angel investors — including Fresha chief payment Officer Pawel Iwanow and Tap Payments product design Director Dom Monhardt — also participated in the round.
