RIYADH: Riyadh-based financial technology (fintech) firm Lendo has raised $7.2 million to develop new technologies and financial products, as it plans to triple its revenue this year.
Launched just a year ago by Osama Al-Raee and Mohammed Jawabri, Lendo offers instant invoice financing to small and medium enterprises (SMEs) through its Shariah-compliant lending platform. The offering helps SMEs manage their immediate cashflow.
Invoice financing is a popular short-term borrowing tool for businesses in different markets around the world, by which they leverage their receivables to receive loans from banks or other financial institutions.
Speaking to Arab News, Al-Raee, co-founder and CEO of Lendo, said: “We have financed more than 100 invoices worth over SR 60 million ($16 million) for SMEs. We are planning to grow and triple these numbers this year.”