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Erad, a Riyadh-based alternative financing platform for SMEs, has secured $16 million in a Pre-Series A funding round to enhance its operations in Saudi Arabia and beyond. The investment, backed by notable global and regional funds, will enable erad to provide rapid, Shariah-compliant financing solutions, having already disbursed over SAR 100 million to businesses in the region. With a focus on financial inclusion, the company aims to expand its product offerings and increase local hiring, contributing to Saudi Vision 2030's economic goals.
Pakistan's MedIQ has raised $6 million in Series A funding to enhance its healthcare operating system, focusing on expansion in Saudi Arabia. Founded by Dr. Saira Siddique in 2020, the startup offers a range of digital healthcare solutions and aims to create a cashless ecosystem connecting patients, providers, and payers. With a total of $9.8 million raised, MedIQ plans to further develop its services in Saudi Arabia and eventually expand to Qatar and other GCC countries.
Erad has raised USD 16 million in a Pre-Series A funding round led by YCombinator and Nuwa Capital to expand its data-driven SME financing platform in Saudi Arabia and the GCC. The startup aims to address a USD 250 billion credit gap by providing fast, Shariah-compliant capital to underserved SMEs, enhancing financial accessibility and supporting sustainable economic growth in line with Saudi Arabia's Vision 2030. Founded in 2022, Erad focuses on sectors like retail, healthcare, and F&B, with over 60% of its customers being first-time credit seekers.
Saudi fintech Erad has secured $16 million in a Pre-Series A funding round to enhance its revenue-based financing platform, targeting SMEs in Saudi Arabia and the UAE. The investment, led by global and regional investors, aims to expand operations and improve product offerings, addressing the capital needs of businesses in various sectors. Since its launch, Erad has deployed over $26.6 million in funding, with a focus on fostering financial inclusion for first-time credit takers.
Goldman Sachs is advising countries like Japan, South Africa, and Saudi Arabia on navigating the complexities of US trade policies under President Trump. This guidance includes insights on tax policies and contentious reforms, as nations seek to balance domestic strategies with international pressures. The firm's role highlights the increasing importance of expert advice in shaping global economic relations amid rising trade tensions.
Nice One reported a 10.2% year-on-year increase in net profit for Q1 2025, reaching $6.4 million, as sales surged 30% to $86.7 million, boosted by Ramadan. Despite the positive results, the company's share price fell 2.82% to SAR 37.9, reflecting a 30.36% decline over the past three months.
Dubai-based data center operator Khazna plans to expand into Saudi Arabia, targeting a 25% market share amid new regulations requiring local data storage. With 71% of the UAE's data center capacity, Khazna aims to leverage its regional expertise against established local competitors as the Saudi market is projected to grow significantly by 2030. This expansion aligns with Saudi Arabia's Vision 2030 initiative, emphasizing digital infrastructure as a key component of economic diversification.
The Saudi Central Bank (SAMA) has initiated a public consultation on proposed updates to the Finance Companies Control Law, aiming to enhance lending capacity and ease regulatory barriers for new entrants. Key changes include increasing lending limits and reducing bank guarantee requirements for licenses. The consultation will last 30 days, aligning with broader efforts to develop the financial sector under Vision 2030, which seeks to diversify funding sources and boost private sector involvement.
iMENA Group has successfully raised $135 million in a pre-IPO funding round, led by Sanabil Investments and other prominent investors. The funds will enhance iMENA's stake in its key businesses—OpenSooq, SellAnyCar, and Jeeny—while supporting expansion and operational synergies. The company has restructured as a Saudi Closed Joint Stock Company, positioning itself for a potential public listing.
Credit from finance companies in Saudi Arabia surged to SR96.26 billion ($25.67 billion) in 2024, a 13.6% increase from the previous year, with personal finance leading at 29%. Notably, credit card financing grew by 52.4%, while profitability improved significantly, with net income rising 72.13% to SR2.86 billion.The sector's expansion is supported by regulatory reforms aimed at enhancing financial inclusion, with 62 licensed finance companies now operating. Fintech innovations, including debt-based crowdfunding platforms, are bridging financing gaps for SMEs, aligning with the Kingdom's Vision 2030 objectives.
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