Riyadh-based alternative financing platform Erad has secured $33m in debt financing to expand operations across Saudi Arabia and the wider GCC.
The round was led by Stride Ventures, alongside participation from other investors. The funding will be used to strengthen the company’s presence in Saudi Arabia and the UAE, scale its platform, and meet growing demand from SMEs in retail, food and beverage, healthcare, and e-commerce.
One of Erad’s key aims is to close the region’s $250bn SME credit gap by providing flexible, Shariah-compliant financing solutions.
Gulf Economist Staff Writer