Peer-to-peer (P2P) lending platform Beehive has received financial assistance of $4m from Riyad TAQNIA Fund (RTF).
Established by Riyad Capital and TAQNIA, RTF is a Saudi Arabian venture capital fund.
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The investment forms part of a Series B funding round and takes the total capital raised by the firm till date to $15.5m.
Riyad Capital deputy CEO Adel Al-Ateeq said: “Beehive has proven itself as a leading fintech pioneer in the region, using innovative digital solutions to improve SME financing accessibility.
“We’re keen to support their future growth plans which include expansion into Saudi Arabia, bringing new funding options to Saudi businesses.”
Beehive links businesses seeking funding with investors. It is said to be the first DFSA-regulated P2P lending platform in the MENA region.
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By GlobalDataTill date, the business is said to have supported around $100m investment for more than 450 funding requests.
It has nearly 10,000 retail and institutional investors on board.
Beehive founder and CEO Craig Moore said: “The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia.”
The latest move comes close on the heels of Beehive’s tie-up with Thai lender Thanachart Bank.
Said to be Beehive’s debut bank partnership in Asia, the alliance will facilitate a new financing programme for SMEs.
