RIYADH: The Saudi Central Bank, known as SAMA, has issued a license to Lendo to offer its financial services and products in the Kingdom.
The license was issued following the company’s successful completion of a trial period under SAMA’s experimental environment known as Regulatory Sandbox.
Lendo is the first company in the Kingdom to specialize in Shariah-compliant debt crowdfunding, Wamda reported.
Osama Al-Raee, CEO and co-founder of Lendo, confirmed that obtaining the official license is the result of exceptional efforts by the Lendo team, and a reflection of the extent of customers and investors’ trust in the company’s work.
Al-Raee said the licensing will help increase the company’s productivity, quality, and efficiency.
“We were able to finance more than 400 invoices worth more than SR300 million ($80 million) for SMBs, and achieve more than SR8 million in profits for investors,” Mohamed Jawabri, co-founder and COO said.
Lendo plans to launch new products in the coming months, aiming to expand into small and medium enterprises, according to Wamda.
