KSA-based Lending Platform Forus closes Series A fundraise
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Forus Capital, the KSA-based Islamic P2P lending marketplace has successfully raised an undisclosed amount in a Series A funding round. The round was led by Yazeed Alrajhi and Brothers Holdings and Riyad Fintech Fund, the fintech venture fund backed by Riyad Bank.
Founded in 2019 by Saudi entrepreneur Nosibah Alrajhi, Forus is redefining SME financing through its debt marketplace with the objective of bridging funding gaps for small and medium-sized businesses (SME) in Saudi Arabia, while offering investors attractive opportunities to invest in the SME debt market.
With a state-of-the-art API-driven underwriting technology, the alternative funding platform enables SMEs to secure debt funding in a seamless and swift way digitally. In light of this recent investment Nosaibah Alrajhi, CEO of Forus commented “The debt market is witnessing an accelerated level of disruptions and Forus is keen to play a major role in that. This investment by such a sophisticated cohort of institutional investors serves as a testament of Forus trajectory as a major player in the Saudi P2P lending market and represents yet another vote of confidence in the evolving Saudi Fintech scene.”
Since its inception, Forus platform has successfully originated more than SAR 60M in deployed financing to more than 57 SMEs and aspires to be the lender of choice for SMEs in Saudi Arabia and the MENA region. The KSA-based Fintech startup plans to utilize its newly acquired funds to further develop its technology innovation, expand Forus’s market share, and diversify its array of offerings.
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