Beehive, a peer to peer lending platform servicing SMEs in the MENA region, has closed on $4 million Series B funding round, according to a release from the platform. This most recent funding brings the Fintech’s total raised to $15.5 million since platform launch.
The funding was provided by the Riyad TAQNIA Fund (RTF) as part of a Series B funding round. This latest round brings the total raised by Beehive to $15.5m since its launch.
“The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia.”
Beehive has facilitated approximately $100 million to more than 450 business. Approximately 10,000 international retail and institutional investors have registered on the site.
This investment follows an announcement of Beehive’s partnership with Thanachart Bank in Thailand to provide a new financing program for SMEs.
Adel Al-Ateeq, Deputy CEO of Riyad Capital, said that Beehive has proven itself to be a leading Fintech pioneer:
“We’re keen to support their future growth plans which include expansion into Saudi Arabia, bringing new funding options to Saudi businesses.”