“Can a Shariah-compliant P2P invoice-financing marketplace become the default non-bank SME lender for Saudi Arabia under Vision 2030?”
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.
Lendo's lending and capital products are provided by Lendo Saudi Financing Company (in-house).
The Embedded Finance Index 2026 maps 2 layers in Lendo's stack: Payments / PSP (Apple Pay and Mada); Lending (Lendo Saudi Financing Company (in-house), Invoice Financing (up to SAR 7.5M), Working Capital Financing, Term Loans (up to SAR 3M, up to 24 months) and 5 others).
Lendo was founded by Osama AlRaee and Mohammad Jawabri and is founded in 2019, headquartered in Riyadh, Saudi Arabia.
Lendo has raised ~$725M (equity + debt facility) in total (latest round: Debt facility, 2024).
Get a read on where your own stack stands against Lendo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.