Saudi fintech Lendo has partnered with Austria-based Quantic Financial Solutions on an institutional capital programme of up to SAR750M ($200M) to provide working capital financing to small and medium-sized enterprises in Saudi Arabia.
Announced at Money20/20 Middle East in Riyadh, the programme will see Quantic invest through Lendo, which operates a Shariah-compliant debt crowdfunding platform under the supervision of the Saudi Central Bank (SAMA).
Founded in 2019 by Osama AlRaee and Mohammed Jawabri, Lendo said the capital will help expand its SME financing capacity and support the launch of new financing solutions. Quantic will oversee the deployment of the funds in line with Lendo’s financing strategy.
Quantic, a Vienna-headquartered asset manager and member of the C-Quadrat Investment Group, will also structure Shariah-compliant investment products based on the financed assets for international investors. According to the announcement, this will create a channel for foreign institutional capital to reach Saudi SME financing.
The partnership comes as Saudi Arabia seeks to expand fintech and SME financing under the Financial Sector Development Program, part of Vision 2030.
Source: Wamda
