Lendo
“Can a Shariah-compliant P2P invoice-financing marketplace become the default non-bank SME lender for Saudi Arabia under Vision 2030?”
Founded2019
HQRiyadh, Saudi Arabia
FoundersOsama AlRaee, Mohammad Jawabri
Total raised~$725M (equity + debt facility)
Latest roundDebt facility, 2024
IndustryFintech / Lending
The story
Lendo was founded in 2019 by Osama AlRaee and Mohammad Jawabri as a Shariah-compliant debt-crowdfunding marketplace for Saudi SMEs, with invoice financing as its initial wedge. After receiving its SAMA debt crowdfunding license in 2022 and a Sanabil/PIF-led Series B in 2023, Lendo has expanded beyond invoice factoring into working capital, term loans (up to SAR 3M), and government-program-aligned financing (TDF, CDF, Monsha'at, SME Bank). The 2024 $690M J.P. Morgan-led debt facility positions Lendo as the leading non-bank SME lender in KSA, with eventual IPO as the stated trajectory.
Product timeline
2019
Founded as Shariah-compliant invoice financing P2P platform for Saudi SMEs· pivot
2021
Series A led by Derayah Ventures· banking
2022
Received SAMA debt crowdfunding license #61/أش/202203· banking
2023
$28M Series B led by Sanabil (PIF) — signaled IPO ambitions· banking
2024
Added Apple Pay and Mada for instant wallet top-ups· card
2024
Secured $690M debt facility led by J.P. Morgan to scale SME financing· lending
2025
Expanded into government program financing (TDF, CDF, MIM, SME Bank, Monsha'at)· lending
Regulated entities
1
regulatory licence held by Lendo
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Lendo’s embedded-finance stack
Payments / PSP
Apple PayMada
Lending
in the full report
Accounting gap: minor
9 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.