Saudi Arabia-based fintech Lendo has signed a $53.3 million (SAR 200 million) Murabaha facility with Jadwa Investment, strengthening its ability to fund small and medium enterprises (SMEs) and advance the Kingdom’s Vision 2030 goals. The announcement was made during the Money20/20 Riyadh event.
Driving SME Financing
Founded in 2019 by Osama Alraee and Mohamed Jawabri, Lendo is a Shariah-compliant debt crowdfunding platform that bridges the gap between SMEs in need of working capital and investors seeking short-term returns.
Key achievements so far include:
- Facilitated over $933.3 million (SAR 3.5 billion) in SME financing.
- Completed more than 8,000 financing transactions.
- Distributed around $773.3 million (SAR 2.9 billion) in returns to investors.
This new facility with Jadwa Investment will provide Lendo with added resources to serve a growing SME market that is central to Saudi Arabia’s economic diversification.
Building on Momentum
The Murabaha deal comes on the heels of other significant financing wins:
- In early 2025, Lendo secured a $690 million warehouse facility led by JP Morgan, enhancing its Gulf-wide expansion plans.
- The company has raised $35.2 million in equity funding to date, including a $28 million Series B in December 2023 led by Sanabil Investments, a subsidiary of the Public Investment Fund (PIF).
Lendo was also ranked 28th on Forbes Middle East’s Fintech 50 list for 2025, underscoring its role as one of the region’s leading fintech players.
Context in the Startup Ecosystem
The broader MENA startup ecosystem has faced headwinds in recent years. According to the Wamda annual report:
- Startups raised $2.3 billion in 2024, including debt financing.
- This marked a 42% decline year-on-year, though the number of deals grew by 3.5% to reach 610.
- Debt financing accounted for $331 million across 19 deals.
- Fintech led all sectors, securing around $700 million across 119 deals.
In this context, Lendo’s ability to attract large-scale debt facilities and investor confidence highlights the resilience of fintech in Saudi Arabia’s rapidly evolving economy.
A Key Role in Vision 2030
SMEs contribute significantly to job creation and economic growth, and expanding their access to financing is central to the Kingdom’s Vision 2030. Lendo’s platform directly supports this mission by offering:
- Fast and Shariah-compliant financing options for SMEs.
- Attractive returns for investors.
- A scalable solution to bridge funding gaps in the private sector.
By partnering with institutions like Jadwa Investment, Lendo is not only strengthening its own position but also contributing to Saudi Arabia’s ambition of building a more dynamic, SME-driven economy.