• Saudi fintech erad raises USD 33M debt funding to expand Shariah-compliant financing for SMEs across the GCC.
• Stride Ventures leads the round, supporting erad’s mission to close the USD 250B SME credit gap regionally.
• The platform processes approvals in just 48 hours and has received over USD 532M in funding requests.

erad

Riyadh-based fintech erad has raised USD 33 million in debt financing to accelerate growth across Saudi Arabia and the UAE. The round, led by India’s Stride Ventures, also saw participation from other investors.

The investment comes after erad reported 5x year-on-year growth, aiming to tackle the GCC’s USD 250 billion SME credit gap. Since its launch in 2022, erad has approved over USD 50 million in funding for businesses spanning retail, F&B, healthcare, and e-commerce. Furthermore, its data-driven platform can review applications and provide approvals in 48 hours.

Salem Abu-Hammour, Co-founder of erad, said: “This investment follows a strong period of 5x growth (YoY), as we double down on our expansion in Saudi Arabia. Access to capital remains one of the primary challenges for SMEs across the region.”

Financing 

Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, erad is a financing platform.  It provides fast, flexible, and Shariah-compliant financing solutions to SMEs. .

Up next, with the funding it aims to scale its operations and meet growing demand. It also aims to grow its presence in Saudi Arabia and the UAE. Additionally,  it seeks to meet growing demand from SMEs across sectors such as retail, F&B, healthcare and e-commerce.

To date, the platform has received funding requests totaling over $532 million from well-known regional brands.

“Debt remains an untapped and powerful asset class in the GCC, offering immense potential to fuel growth for ambitious businesses without the need to dilute equity. Through our partnership with erad, we are leveraging our expertise to provide startups and SMEs across the region with innovative, alternative financing solutions that align perfectly with their growth ambitions.” said Fariha Ansari Javed, Partner at Stride Ventures.