Saudi Arabia-based fintech erad has raised $22 million in Series A funding led by Middle East Venture Partners (MEVP), as it expands its Shariah-compliant financing services for small and medium-sized businesses across the GCC.
The round included new investors 500 Global, Saudi Venture Capital (SVC), S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures. Existing backers Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital also participated.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini and Youssef Said, erad provides working-capital financing of up to SAR 10 million to SMEs in Saudi Arabia and the UAE. Its data and AI-based underwriting model allows the company to approve financing in an average of 48 hours, according to the announcement.
The company said it has deployed more than SAR 500 million in cumulative financing and received over SAR 4 billion in financing requests from SMEs. It has also reported eightfold year-over-year growth in Saudi Arabia.
erad will use the new funding to develop financing products for sectors including industrial, logistics and manufacturing, expand across the GCC, and hire in technology and commercial roles. In November 2025, it secured a $125 million scalable facility led by Jefferies.
Source: Wamda
