Raqamyah, a Saudi-based peer-to-peer (P2P) lending platform operating under Saudi Arabian Monetary Authority (SAMA) Sandbox environment, has reportedly raised $2.3 million through its latest investment round, which was led by Impact46 with participation from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment, and strategic angel investors.
Founded in 2019, Raqamyah reported that as a fintech company it uses innovative technology to directly connect small businesses seeking fast, affordable finance with lenders who can help fund their growth. According to Impact46, Raqamyah has been growing at a monthly double-digit rate with more than forty fully funded loans in one year. Raqamyah was claimed as the first P2P platform to introduce an automatic lending feature where lenders can choose to set automatic investment options based on their lending criteria.
Ammar Bakheet, Founder of Raqamyah, further commented that P2P lending is one of the fastest-growing areas in the fintech industry and it is at its early stages in terms of innovation and disruption: “Fintech is still at 101 level and the way forward will be full of technological developments.” Impact46 then revealed:
“Using technology to enhance credit assessment process will be the way forward to reduce origination cost and improve borrowers’ experience. Raqamyah plans to heavily invest in technology and talents to make Platform users’ experience superior. Also the Platform will focus on innovation in credit assessment techniques as well as it will work on expanding its offering of loan products to SMEs.”
Impact46 added that the funds will be used to help Raqamyah meet SAMA’s full license requirements, invest in technology and talents, expand platform offering to Small and Medium enterprises (SMEs) and facilitate easier access to alternative investment opportunities for investors.