Saudi Fintech erad Secures $33 Million Debt Financing Deal

Saudi fintech startup, erad, has secured a debt financing deal worth $33 million as it looks to expand across the Kingdom, as well as UAE, as it looks to provide financing solutions for SMEs.
Led by India-based Stride Ventures, the investment follows a reported 5x year-on-year growth for the Riyadh based company, which is looking to address a $250 billion SME credit gap.
“Access to capital remains one of the primary challenges for SMEs across the region,” said co-founder Salem Abu-Hammour.  “We share a common vision with Stride Ventures, and as their first regional fintech platform, we look forward to delivering flexible financing solutions at greater scale.”
Having launched in 2022, erad has thus far facilitated over $50 million in funding for businesses in several sectors, including retail, F&B, healthcare and ecommerce. This has been driven by erad’s data-driven platform, which reviews and approves applications within 48 hours. 
This speed and flexibility, as well as its Sharia-compliance, has reportedly seen the startup receive over over $500 million in requests from across the region.