Saudi Alternative Financing Platform Erad Raises $33 Million in Debt to Fuel Expansion
The Saudi platform for alternative financing, erad, has raised $33 million in debt to accelerate its expansion in Saudi Arabia and the rest of the GCC. This operation was led by Stride Ventures, accompanied by other investors, and announced at the Money 20/20 event in Riyadh.
Based in Riyadh, erad has established itself as a key player in financing small and medium-sized enterprises in the region, offering rapid and Shariah-compliant financing solutions. This funding aims to meet the growing demand from SMEs operating in sectors such as retail, food service, healthcare, and e-commerce, while strengthening the company's presence in Saudi Arabia and the United Arab Emirates.
Since its inception, erad has provided over $50 million in financing to regional SMEs. Its model relies on the use of data and risk modeling tools to analyze requests and approve financing within 48 hours, one of the fastest turnaround times in the region.
Key Highlights:
- Funding Amount: $33 million in debt raised to fuel expansion
- Lead Investor: Stride Ventures, accompanied by other investors
- Announcement: Made at the Money 20/20 event in Riyadh
- Company Overview: erad is a key player in financing SMEs in the region, offering Shariah-compliant solutions
- Expansion Plans: Strengthening presence in Saudi Arabia and the UAE, meeting growing demand from SMEs in various sectors
- Financing Model: Utilizes data and risk modeling tools to approve financing within 48 hours
- Total Financing Provided: Over $50 million to regional SMEs since inception
