Saudi Arabia’s Forus Secures $60 Million Debt Facility from Fasanara Capital
Saudi Arabia-based peer-to-peer (P2P) lending platform Forus has secured a $60 million securitization debt facility from Fasanara Capital, a London-based investment firm managing over $4.5 billion in assets. Hence, the funding will allow Forus to scale its operations, expand its lending capacity. Additionally, it further establish itself as one of the largest non-bank providers of SME financing in Saudi Arabia.
Since its inception in 2019, Forus has provided more than $390 million in working capital loans to over 400 small and medium-sized enterprises (SMEs) across the Kingdom. The company obtained one of the first debt crowdfunding licenses issued by the Saudi Arabian Monetary Authority (SAMA) and officially launched its lending operations in 2020.
Forus is Fueling SME Growth in Saudi Arabia
The newly secured debt facility will enable Forus to issue over $150 million in working capital loans, ensuring that Saudi SMEs have access to the funding necessary to scale and sustain their businesses. With more than 1.5 million SMEs in Saudi Arabia—accounting for 99.5% of all companies and employing over 6.5 million people—this investment aligns with the country’s Vision 2030 goals, which aim to increase SME contributions to GDP from 20% to 35% by 2030.
“Forus is committed to empowering SMEs by addressing their funding challenges through technology-driven solutions,” said Nosaibah Alrajhi, Founder and CEO of Forus. “This $60 million facility from Fasanara marks a significant step in our journey toward becoming a leading non-bank SME lender in Saudi Arabia. Our partnership with Fasanara reflects a shared vision to drive economic growth and provide reliable and accessible working capital solutions.”
Fasanara’s Commitment to SME Lending
Fasanara Capital has a strong track record of supporting SME financing globally. Over the past 14 years, the firm has provided more than $80 billion in funding to local lenders across 60+ countries, leveraging a data-driven and technology-first approach to risk management.
“We are excited to support Forus in expanding its lending capabilities in Saudi Arabia,” said Francesco Filia, Founder and CEO of Fasanara Capital. “Forus’ tech-enabled approach to SME financing aligns with our strategy of backing innovative lending platforms that address the needs of underserved businesses. We believe this partnership will help Forus scale its portfolio and provide crucial working capital to Saudi SMEs, strengthening the backbone of the Kingdom’s economy.”
Tech-Driven Financial Inclusion
Forus differentiates itself through its proprietary lending technology. In effect, this allows for rapid underwriting and disbursement of invoice financing and working capital loans. Moreover, he platform ensures that SMEs receive the funds they need in just days, eliminating delays that could hinder business growth.
“As a fintech entrepreneur, my goal with Forus has been to remove barriers to SME financing and ensure that businesses have seamless access to the capital required for expansion,” added Alrajhi. “This debt facility not only enables us to fund more SMEs but also reinforces our role as a key player in Saudi Arabia’s evolving fintech ecosystem.”
A Strategic Move Toward Economic Expansion
With Saudi Arabia focusing heavily on economic diversification under Vision 2030, fintech firms like Forus are playing a crucial role in facilitating access to financial resources for businesses. Therefore, by securing this funding, Forus is poised to strengthen its market position, support more SMEs, and contribute to the Kingdom’s long-term economic growth.
