Saudi Fintechs Collaborate to Tackle SME Lending - Qoyod signs MOUs with Raqamyah and Forus
Qoyod, one of the leading cloud accounting solutions in the region, announced the upcoming release of Qoyod Lend, an online platform that connects licensed Saudi FinTech and conventional lenders with its subscriber entities. The platform allows lenders to offer products such as inventory finance, invoice finance and project-based lending to Qoyod’s subscriber base. The purpose of this platform is to better connect Qoyod’s user base with licensed lenders and provide them with the adequate tools needed to address their financing needs.
Qoyod also announced signing MOUs with Raqamyah Platform and Forus to be the platform’s first lending providers, which will allow Qoyod’s subscribed entities to apply for lenders’ offers automatically.
Qoyod will leverage its reporting tools to connect lenders and businesses; helping lenders reach qualified leads with well-maintained books and making it easier for businesses to take out loans with a few mouse-clicks to start the application process.
“We don’t believe the current market practice is sustainable, because the fees that are being taken from small businesses and the resources needed to successfully submit credit applications do not justify the value proposition” said Abdullah Aldayel, founder and CEO of Qoyod. “Many third parties prepare the loan application form for smaller businesses and get paid ridiculous fees which can go up to 10% of the loan/facility value as processing fees, Moreover, many small businesses can’t access these products, not because of a fundamental issue with the business, but rather because business owners don’t know when a loan can be a feasible option to their businesses or they don’t know how to apply for a loan.
We simply want to help address a longstanding inefficiency in KSA’s lending landscape for SME’s. With the emergence of alternative lenders and FinTech operators who are looking for more efficient ways to reach their operating targets, we believe we are well-positioned to automate the process and help all parties achieve their goals.”
Ammar Bakheet, Raqamyah Founder and CEO, also said "We are proud of our partnership with Qoyod, a leading Saudi cloud accounting platform, to serve the underserved Saudi SME sector."
Raqamayh, a recently approved FinTech company under Saudi Arabian Monetary Agency (SAMA) Sandbox environment, offers crowd lending to Saudi SMEs.
Raqamyah will extend its services to Qoyod qualified SME clients to offer them funding solutions for their business needs.
Nosaibah AlRajhi, Forus Founder and CEO said “Fintech platforms like Forus are perfectly poised to disrupt legacy banking with a broader banking ecosystem. The newly strategic partnership between Forus and Qoyod will competitively contribute to a diverse and sustainable economy aligning with the Kingdom 2030’s vision. Fintechs will have a significant role in the economy by facilitating the funding to SME’s which comprises 99% of the Saudi private sector. Forus offers the fastest and most compelling way to lend in the market with seamless, secure and transparent products.”